Did Hurricane Harvey Really Impact the Houston Housing Market?
The Houston housing market increase by a whopping 37% in August 2018 according to recent reports. However, the increase has some folks puzzled. Hurricane Harvey swept through the area last year and put a pause on new home purchases yet somehow, the market seems to be doing well.
"After the storm hit Houston at the end of last August — and even days before — closings, showings and mortgage lending in this area effectively came to a halt as buyers and home shoppers put their plans on hold," according to National Mortgage News.
"Yet, comparing only the first three weeks of August with the same period in 2017, sale activity still increased, especially for higher-end homes, the Houston Association of Realtors said Wednesday in a monthly report."
While the storm definitely had immediate effects on the housing market at the time. It looks like most of the closings that were put on hold did not suffer for long. Even with a shortage of inventory, the market seems to have withstood the effects of Harvey.
"Harvey's effects lingered, however current market conditions are healthy, with single-family home sales and rentals up despite constrained inventory," Kenya Burrell-VanWormer, the association's chair said Wednesday, according to NMN.
To learn more about the current Houston housing market, click on the image above.
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