Houston Home Sales Rebound Post Harvey
Just weeks after floodwaters from Hurricane Harvey damaged thousands of homes in Houston, home sales have rebounded significantly. Houston area home sales rallied for the second straight month after Hurricane Harvey made landfall in late August, stalling or canceling real estate transactions across the Houston area.
Sales rose 4 percent in September from the prior year, while buyers purchased 6,381 single-family homes in October, a 7.5 percent jump over the same time last year
We certainly didn’t expect to see home sales in positive territory this soon after a natural disaster of Harvey’s magnitude, however the September and October sales figures speak volumes about the incredible resiliency of the Houston real estate market.
Down from the 4.3-month peak reached in the weeks immediately preceding Harvey, inventory was 3.9 months at the end of October. That continues to put Houston into the seller’s market category.
Pending sales for single-family homes at the end the end of the month totaled 7,201, up 20 percent compared with last year. On a year-to-date basis, home sales remain 2.8 percent ahead of the 2016 volume.
The overall Houston real estate market wasted little time recovering from Hurricane Harvey’s devastation and all segments of the housing market experiencing sales gains in September and October.
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