September was a time of major recovery in the Houston housing markets. Home sales rebounded in a big way, and rental activity was at an all-time high, as residents hit by flooding scrambled to find a dry place to live while they rebuild.
Not Too Bad
According to the Houston Association of Realtors®, home sales in September 2017 were up 4.2% from last September, and climbed 24% from the Harvey-centric market plunge in August.
All segments saw gains except the <$150,000 bracket, while the biggest increases were found in the $500,000-750,000 range. Despite Harvey’s sales slow-down, year to date sales remain 2.3% ahead of 2016, thanks to brisk sales throughout the year prior to the floods.
Supply Dropped, But Still Strong
Months supply dropped from 4.4 months to 4.1, thanks to property flooding removing many homes from the market and and increased demand from people looking to move away from flooded areas. This is still higher than the 3.9 months supply seen in September 2016.
While it will take time for the housing market to return to normal post-Harvey, it’s a good sign that things are chugging along once again. The Houston market has proven to be remarkably resilient and home owners should be encouraged by the speed that the market has rebounded.
Photo credit: Houston Chronicle. 2017.