The Housing Price Trends (HPT) model signaled a "SELL" for Midland, TX for 3Q2015. The Housing Price Index (HPI) fell slightly in 3Q to 296.14 from 299.45 in 2Q2015. While this is only a small 0.7% drop year-over-year for 3Q, more important is that this is almost no change when adjusted for inflation and smoothed by the HPT model. This signals, however, enough of a drop in the price momentum in the Midland market to consider selling. You must, of course, consider your particular property and location within this market for a final decision. If your property follows the general market, watch out!
I'm thinking that this is only the beginning of SELL signals to come in areas affected by the drop in the price of oil. The number of producing oil rigs has dropped significantly over the past year; although the rigs left are the ones that are the highest producing wells.
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