Oil Fuels Odessa housing market

It’s all about location, location, location for real-estate agents, and during the past five years, the place to be has been Odessa and Midland.

According to information provided by Fiserv Case-Shiller, Odessa and Midland have seen home prices grow 30.3 percent and 42 percent, respectively, from the 2006 first quarter to the 2011 first quarter. Texas as a whole is home to five of the 10 best performing housing markets in the United States in that time, according to Fiserv.

The findings are part of an index released Tuesday by Fiserv, a provider of financial services technology solutions, which analyzed home price trends in 384 U.S. markets and using data from the Federal Housing Finance Agency.

Since 2006, the Permian Basin’s home prices have risen in contrast the U.S. a whole, where houses declined in cost by 33.5 percent.

“We have an excellent real-estate market,” Steve Oliver, broker and owner of Steve Oliver Realtors, said. “It’s a very healthy housing market.”


While Fiserv analysts saw positive trends for the overall housing market with declining foreclosure and mortgage delinquency rates, Oliver credited the positive local news to a successful oil industry.

“The housing statistics reflect the growth due to health of the petroleum sector,” Ray Perryman, president of the Waco-based financial analysis firm The Perryman Group, said in an email interview. “The Odessa economy is doing somewhat better than Texas overall at the moment. Employment, sales and other indicators have been very strong.”


Source: OA Online 


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