Wichita Falls, TX - Buy, rent or sell? It's a question many North Texas residents were pondering on when the area was in a severe drought.
The drought has come and gone and with it the housing market has seen its fair share of shake-ups.
"So many people had gotten in the rental market," said Danny Steed, Owner and Broker of Hirschi Realtor.
Uncertainty may have caused potential buyers to hold off on purchasing a home and more sellers to put houses up for sale.
Newschannel 6 took a closer look at where the market stands now.
The number of homes sold through the month of May are up and the average sale price is down. The decrease in home prices is due to the increase in first-time homebuyers.
"The activity for the month of June has been really, really good," said Steed."Their spirits are brightened. I think their attitudes are better. A lot of people who were sitting on the fence are out there looking at homes again."
This change has created a unique dynamic in the Wichita Falls housing market.
"There's kind of a shrinking inventory. There are fewer homes on the market, but we still have a very balanced market," said Steed.
How many fewer homes are on the market? In the second quarter of 2014, there were nearly nine- hundred houses up for sale. brokers say there are about 13 percent less homes this year.
"It's not anything for anybody to be concerned about, like maybe they've heard in larger markets across the state and across the country," said Steed. "People can find something that's still going to be very affordable for them."
The average sales price of a home in Wichita Falls through may of last year was $124,000.
Currently, homes are selling for just under $115,000, but buyers be thankful because you could be paying double the price some place else.
Homeowners should not panic. This trend does not mean your home values are going down. In fact, with the housing market shrinking it could mean more demand and less supply. If that is the case, your property value could increase, but only time will tell.