HOUSING MARKET PROVES IT IS 'HOUSTON STRONG' AFTER HARVEY

A month after the devastating storm, September sees home sales rebound and rentals surge.

HOUSTON — (October 11, 2017) — Battered by Hurricane Harvey during the final week of August, the Houston real estate market demonstrated its ‘Houston Strong’ resiliency during the four weeks that followed with a rebound in home sales and the strongest rental activity of all time.

According to the latest monthly report produced by the Houston Association of Realtors (HAR), single-family home sales climbed 4.2 percent compared to last September, coming back from a nearly 24 percent plunge in August. All segments of the housing market enjoyed gains except for homes priced below $150,000, with the greatest sales volume reported among homes in the $500,000 to $750,000 range. On a year-to-date basis, home sales remain 2.3 percent ahead of the 2016 volume despite Harvey’s rampage.

As expected, property flooding and continued consumer demand for homes lowered inventory levels. While housing inventory grew from a 3.9-months supply to 4.1 months year-over-year, it was down compared to the 4.4-months supply immediately preceding Harvey’s arrival.

For the full September MLS Report, click here.