Home News Home sales inside Midland County drop 32% in October

Home sales inside Midland County drop 32% in October

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Home sales in Midland County fell 32% in October, according to the Texas A&M Real Estate Center.

While home sales have fallen from September to October in recent years, this year’s decline is double that of 2021, with Tom Green (20.7%), Ector (20%), Lubbock (13%) and Randall County (4%). Taylor County, where Abilene lives, also saw a decline of over 30% (31.8%).

The 165 homes sold were not only 26.3% fewer than in October 2021, but the lowest number in any month going back to February 2021 in Midland County, according to Texas A&M.

The Real Estate Center also showed a total of $55.278 million. That was $37 million less than September and the lowest month since January 2021.

Not only did sales struggle to catch up with the previous month, average prices also dropped 12% (or more than $50,000) from $385,193 in September to $335,024 in October. The Texas A&M Real Estate Center reported that the median price of homes sold in Midland County actually rose from $315,000 to $317,655.

October was the 50th month in a row that the average price of a home sold in Midland County exceeded $300,000. This dates back to September 2018.

Other median home sales around homes sold in the area included $260,000 in Randall County, $254,162 in Ector County, $249,900 in Tom Green and Taylor, and $249,000 in Lubbock County. was

A local realtor previously told Reporter-Telegram that rising interest rates would affect sales.

The Associated Press reported this week that mortgage rates have more than doubled from a year ago. The average interest rate on a 30-year mortgage fell to 6.58% this week, according to mortgage buyer Freddie Mac. A year ago he was 3.1%.

AP also reported the highest adoption rate for variable rate mortgages (ARMs) in over a decade.

“A recent snapshot by the Home Loan Bankers Association showed ARMs accounted for 12.8% of all mortgage applications in the week ending Oct. 14,” reported the AP. “The last time these loans accounted for a significant percentage of all mortgage applications was the first week of March 2008.

“At the beginning of the year, ARMs accounted for just 3.1% of all mortgage applications. At the time, the average interest rate for a 30-year fixed-rate mortgage was 3.22%, but last month it surpassed 7%, and in 2002 It was the highest level since then.”

Midland County October 2022

Number of units sold: 165 units

Dollar Strong: $55,279,000

Average price of home sold: $335,024

Average price of home sold: $317,655

Vacant houses at the end of the month: 674

Inventory Months: 2.7

Midland County October 2021

Number of units sold: 224 units

Dollar Strong: $77,228,000

Average price of home sold: $344,769

Average price of home sold: $310,000

Number of vacant houses at the end of the month: 717

Inventory Months: 3.0

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