Post-Harvey Housing Continues Charging Back

Single-family home sales in the Houston metro continued coming back following the impact of Hurricane Harvey. Home sales increased 7.4% year over year in November 2017, with most segments of the housing market registering gains. The exceptions were homes priced between $100,000-$150,000 and those priced at $750,000 and higher, according to the latest report from the Houston Association of Realtors (HAR).

On a year-to-date basis, home sales are 3.3% ahead of 2016’s volume, even while properties damaged by Hurricane Harvey continue undergoing renovation for an eventual return to the market. Meanwhile, housing inventory stood at 3.7 months, down from the 4.3-months peak pre-Harvey. The single-family home medial price and average price both achieved record highs for November, at $225,725 and $284,250, respectively.

The key to boosting inventory, said HAR Chair Cindy Hamman, will be to restore salvageable homes and ramp up new construction, “both of which we want to see sooner rather than later.”

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