How Oil Prices are Affecting Home Prices

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States where oil production powers the local economy such as Texas and Oklahoma have experienced a gain in home prices, according to Trulia.

January 08, 2015

Image: Alvimann

Asking prices for homes on the market slipped 0.5 percent month-over-month in December, but rose 7.7 percent year-over-year, Trulia’s Price Monitor found.
 
The country’s seven largest metros where the oil industry plays a major role in employment saw home prices rise 10.5 percent year-over-year, a rate faster than the 100 largest metros. Bakersfield, California, where 6.9 percent of jobs are in oil-related industries, saw a 12.4 percent year-over-year change in asking prices while prices in Houston, Texas, increased 13.4 percent.
 
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