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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.