26 Jun 08 Permian Basin Home Sales Up

According to a report by Kathleen Thurber, of MyWestTexas.com, home sale prices in the Permian Basin area have increased about 7 percent from the same time last year. The Permian Basin region is located in west Texas just south of Lubbock, to Midland-Odessa, and extending westward to neighboring state New Mexico.

There are over 400 units for sale in the area, up from around 250 from the same time last year, according to Carroll Nall, member services director of the Permian Basin Board of Realtors.

Home prices in the region are selling at the average price of $169,700, an increase of $8,700 from May 2007 – Real Estate Center at Texas A&M University.

Thurber also mentions that area builders are reporting that homes are being bought at the same rate they are being built. The Permian Basin Home Builders Association is stating that more than 300 building permits have been issued this year, up roughly 30 percent this year.

To read more about these developments, read Thurber’s story Real Estate Season Kicks off with Summer.

Image credit – Wikipedia

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June 3, 2008 -- Real Estate Buying Season?
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Tags: average home price, carroll nall, home prices, home sales, home values, kathleen thurber, lubbock real estate, midland real estate, new mexico, odessa real estate, permian basin, permian basin board of realtors, permian basin home board of realtors, permian basin home builders, permian basin home builders association, real estate center texas a&m, texas a&m university, Texas Real Estate, west texas real estate

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Reader's Comments

GO Zone (13 comments.) | 26 Jun 2008 9:09 am
I wonder what’s driving this growth? Are companies moving there? Because nobody in their right mind could be purely speculating at this point. Do you have the contact info for any of the builders?
NewHomesGuy (105 comments.) | 26 Jun 2008 9:55 am
I sure do, TexasClassicHomes dot net
GO Zone (13 comments.) | 26 Jun 2008 10:12 am
getting an error trying to access http://texasclassichomes.com/
NewHomesGuy (105 comments.) | 26 Jun 2008 10:42 am
Thanks Go Zone! It’s fixed now, I changed the TLD.
GO Zone (13 comments.) | 26 Jun 2008 11:01 am
Still nada…this is what I see..

http://www.assuredincomerealestate.com/videos/2008-06-26_1600.swf
NewHomesGuy (105 comments.) | 26 Jun 2008 11:04 am
http://www.texasclassichomes.net/
GO Zone (13 comments.) | 26 Jun 2008 11:42 am
thanks…i’m going to look into this..
Las Vegas NV Real Estate (49 comments.) | 07 Sep 2008 3:20 pm
My neighbors have a bunch of friends and family there. They said construction is booming. Pretty strange, considering the rest of the US isn’t….then again the former governor is president.