MIDLAND, Texas – The single-family home market in Midland, located in one of the richest oil drilling regions in the nation, appears to be headed for a decline, according to — Pro Teck Valuation Services’ Home Value Forecast for September.
Oil drilling activity has dropped sharply across the nation, as oil prices have fallen from over $100 a barrel in the summer of 2014, to less than $50 a barrel today.
This has caused layoffs and tough times in West Texas, where Midland is located.
Last week the Texas rig count dropped to 363 operating drilling rigs in the state, a huge decline from a rig count of 897 at this time last year, according the Baker Hughes rig count report.
Out of 200 markets covered in the Pro Teck report, Midland in ranked the bottom 10.
|Other markets in the bottom 10: Detroit-Dearborn-Livonia, MI|
|El Paso, TX|
|Lake County-Kenosha County, IL-WI|
|Atlantic City-Hammonton, NJ|
The rankings are run for the single-family home markets in the top 200 CBSAs on a monthly basis. They highlight the best and worst metros with regard to a number of leading real estate market indicators including: sales/listing activity and prices, months of remaining inventory (MRI), days on market (DOM), sold-to-list price ratio, foreclosure percentage and REO activity.
ProTeck said the most promising markets in the nation are:
|Boise City, ID|
|Durham-Chapel Hill, NC|
|Mt. Vernon-Anacortes, WA|
|Oak Harbor, WA|