Houston’s Housing Market Bounces Back from Harvey
October 11, 2017
The Houston housing market has moved beyond the damage and chaos created by Hurricane Harvey in August, according to new data from the Houston Association of Realtors (HAR).
During September, single-family home sales in the Houston market rose by 4.2 percent on a year-over-year basis, offering a dramatic turnaround from a nearly 24 percent plunge in August. All segments of the housing market saw sales gains except for homes priced below $150,000. On a year-to-date measurement, home sales remain 2.3 percent ahead of the 2016 volume despite the hurricane’s disruptive impact.
Housing inventory for this market increased to a 4.1-month supply in September from a 3.9-month supply one year earlier, but it was lower than the 4.4-month supply immediately preceding Harvey’s arrival.
But Harvey had its greatest impact on leased properties: single-family home leases skyrocketed by 83.6 percent and leases on townhomes and condominiums soared by 92.2 percent on a year-over-year basis last month. The average rent for single-family homes rose by 7.9 percent to $1,886 while the average rent for townhomes/condominiums saw a 5.4 percent upturn to $1,601.
"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,” said HAR Chairwoman Cindy Hamann. “We are still mindful of the terrible property losses suffered across the region and continue to urge anyone who may have housing available for those in need—for up to 12 weeks of occupancy—to please post it on our Harvey Temporary Housing page at HAR.com/TemporaryHousing.”
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