Houston housing market rebounds post-Harvey

Single-family home sales rose year-over-year in September following a plunge in August

Houston housing market rebounds post-Harvey
The Houston real estate market proved resilient in September as home sales rebounded following the devastation from Hurricane Harvey, according to the latest monthly report released by the Houston Association of Realtors (HAR).

Sales of single-family homes rose 4.2% year over year in September, bouncing back from an almost 24% plunge in August. HAR said most market segments posted gains, with the exception of homes priced less than $150,000. Homes in the $500,000 to $750,000 range posted the greatest sales volume. In spite of the hurricane, year-to-date home sales remain ahead of the 2016 volume by 2.3%.

HAR said inventory levels fells month over month due to property flooding and a continued demand for homes. Inventory was at a supply of 4.1 months in September, down from the supply of 4.4 months right before Harvey hit. Year-over-year, housing inventory grew from a supply of 3.9 months.

September also saw record highs for both median price and average price figures. The median price for single-family homes increased 5.5% to $232,000. The average price also increased by 5.4% to $291,767.

There was also a 3.4% year-over-year increase in the sales of all property types, with Houston recording a total of 8,150 sales. Properties sold during the period had total dollar volume of $2.3 billion, an increase of 10.2%.

"I don’t think anyone expected to see home sales in positive territory this soon after a natural disaster of Harvey’s magnitude, but the September report speaks volumes about the incredible resiliency of the Houston real estate market,” HAR Chair Cindy Hamann said.


Related stories:
Some Houston homes may never recover value post-Harvey
Harvey, Irma-affected borrowers see equity divide