Housing Market Proves ‘Houston Strong’ After Harvey
Just a few weeks after the Hurricane Harvey, September sees Houston homes sales rebound and an outpouring of rentals .
Torn up by Hurricane Harvey during the final week of August, the Houston real estate market, shows its ‘Houston Strong’ resiliency during the 4 weeks that followed with a rebound in homes sales and the strongest rental activity of all time.
According to the latest monthly report produced by the Houston Association of Realtors (HAR), single-family home sales climbed 4.2% compared to last September, climbing back from a nearly 24% plunge in August. All areas of the housing market produced gains except for homes priced under $150,000, with the greatest sales volume among homes between $500,000 to $750,000 range. On a year-to-date basis, homes sales remain 2.3% ahead of the 2016 volume despite Harvey’s devastation.
Fueled primarily by consumers displaced from housing as a result of Harvey’s widespread destruction, demand for lease homes across Houston and cities on the outskirts, soared to record levels in September. Single-family rentals rose to a staggering 83.6% while townhouses/condos skyrocketed 92.2%. Average rent has gone up by 7.9% to $1,886 while the average rent for townhouses/condos climbed 5.4% to $1601.
Housing segment, September sales preformed as follows:
- $1 – $99,999; decreased 20.7%
- $100,000 – $149,999; decreased 23.2%
- $150,000 – $249,999; increased 6%
- $250,000 – $499,999; increased 14.8%
- $500,000 – $749,999; increased 20.4%
- $750,000 and above: increased 4.2%
HAR also breaks out the sales figures for existing single-family homes. Existing homes sales totaled 5,783 in September, up 3.8% versus the same months last year. The average price increased 8.1% to #282,528 while the median sales price rose 6.8% to $219,000.
September Highlights on Houston Real Estate Market
Single-family home sales grew with a post-Hurricane Harvey rebound, rising 4.2% year-over-year with 6,913 units sold; total property sales rose 3.2% with 8,150 units sold; total dollar jumped 10.2% to $2.3 billion. And leases of single-family homes shot up an unprecedented 83.6% with average rent up 7.9% to $1,886; and so on…
HAR continues to prompt anyone who has housing available for temporary occupancy (up to 12 weeks) to please post it on Harvey Housing page as soon as possible at http://www.har.com/temporaryhousing to provide housing to those in need.
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