According to the Midland Reporter Telegram the housing supply in the west Texas boom town of Midland was up to 618 houses at the end of August this year. The numbers, which come from the Texas A&M Real Estate Center, marks an increase of 86 houses as compared to July. The months of inventory in Midland County rose to 2.6, which is the highest it's been since January 2017.

There have been nearly 300 extra homes listed year over year from January through September -- 2,956 this year compared to 2,665 last year, she said. More homes translates to a decrease in price, fewer multiple offer situations and a longer number of days that a home stays on the market, Payne said.

The number of homes sold continues to be strong inside Midland County, according to A&M. The 275 homes sold puts August as one of the most active months on record and remains the reason the months of supply isn’t higher. For instance, in October 2016 when there were 642 on the market, the number of homes sold reached 158. That meant the months of supply reached 3.8.

The number of homes sold also is likely a reason the average price didn’t drop more. The Texas A&M Real Estate Center reported there was a month-over-month decline in average price -- $362,952 to $347,952 -- compared to July. Still, that average is still $50,000 higher than August 2018, according to the center. Also, there was no change in the median price for a home sold from July to August -- $316,00. The Permian Basin Board of Realtors has yet to release its numbers for August.

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