HOUSTON — Houston’s housing market showed notable resilience after Hurricane Harvey, with home sales rebounding sharply in September following the storm’s disruption in August.
“Few expected to see sales recover so quickly after a disaster of Harvey’s scale, but the September report highlights the strong resilience of the Houston real estate market,” said HAR Chair Cindy Hamann.
Hurricane Harvey dumped as much as 50 inches of rain in parts of Harris County and halted much of the market activity for at least a week. An estimated 70,000 homes sustained water damage.
In August, sales fell steeply, down about 24 percent as many transactions were interrupted. Some contracts were canceled when properties under contract experienced flooding, prompting buyers to withdraw.
September brought a significant recovery in single-family home sales, which rose 4.2 percent year-over-year to 6,913 units, compared with 6,636 homes sold in September 2016.
It is uncommon to see more sales in September than in the preceding August, since activity typically slows with the return to school and seasonal patterns. That the market posted a gain from August to September in 2017—despite the effects of the hurricane—underscores strong demand and a rapid rebound.
The September median price for single-family homes (the midpoint where half of the homes sold for more and half for less) increased 5.5 percent to $232,000. The average sale price rose 5.4 percent to $291,767. Both figures set record highs for a September.
Year-to-date sales remain 2.3 percent ahead of the same period in 2016 despite Harvey’s impact, keeping Houston on track for another record-setting year when annual totals are compiled.