'Record-breaking' home sales seen in New Mexico's oil region
HOBBS, N.M. (AP) - Realtors in the heart of New Mexico's booming oil country say home sales broke records last year and that could spell more housing shortages.
The Hobbs Sun-News reports real estate agents reported record sales in 2018 with a median home price of $165,000 in Lea County.
Robbie Robinson of Robinson and Associates Real Estate and Laura Davis of United Realty both claimed 2018 as a record-breaking year in home sales for their respected agencies.
Bobby Shaw of Burkett-Shaw Realtors says research shows the total value of homes sold in 2018 was $107.1 million compared to $83.1 million in 2017.
Shaw says it was $81.6 million in 2016.
The numbers come as officials in southeastern New Mexico worry about a housing shortage for workers employed in the state's lucrative oil industry.
Information from: Hobbs News-Sun, http://www.hobbsnews.com
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