We’re on our way back baby!! Houston’s not going to let a little hurricane keep us down. As many of our fellow Houstonians continue to rebuild after Harvey, the real estate market has already started to rebound after a small dip after the storm.
According to the latest report from the Houston Association of Realtors (HAR), single family home sales climbed 4.2 percent compared to last September, coming back from a nearly 24 percent plunge in August. All segments of the housing market enjoyed gains with the greatest sales volume reported among homes in the $500,000 to $750,000 range.
Across all market segments, average home prices in the Houston real estate market climbed 3.58 percent to $316,034 year over year ending in September 2017. The median home prices increased 4.88 percent between September 2016 and September 2017 to $215,000.
According to the Houston Association of Realtors, the 40,848 active listings in September 2017 represented a 7.4 percent increase over September 2016. Pending listings rose to 6,606, a 13.1 percent increase from September 2016. As discussed earlier, actual home sales fell 3.4% to 8,150 over the same period.
Days on Market, or the number of days it took the average home to sell, edged up from 53 to 54 days.
Inventory rose year-over-year from a 3.9-months supply to 4.1 months, but that is below the 4.4-months of supply that existed during the two months leading up to Harvey.
As we continue to move past Harvey, the markets in mostly unaffected neighborhoods will probably continue along the same trajectory that existed prior to the storm. It remains to be seen if those markets will experience an increase demand as inventory levels tighten due to the lack of inventory in those affected neighborhoods. We will continue to stay tuned…