The Houston real estate market has taken a large hit following the devastation caused by Hurricane Harvey. Many people have lost their homes and valuable possessions, and the market has lost its great traction as we were previously maintaining record-breaking trends.
Of course, it is too soon to judge the full impact of this natural disaster’s impact on our local real estate markets, but we have already seen some significant changes in statistics across the board.
The most recent report released by the Houston Association of Realtors showed that single family homes sales fell by over 25%, marking the first time single-family home sales have dropped in nearly a year.
The inventory of home that are currently listed on the market has gone up slightly as everyone is taking the time to assess the damage to their own homes and make decisions about what to do and where to go next. The current 4.4 month’s supply of homes on the market is expected to decrease quickly as more families who have lost their homes enter the market to start purchasing new homes.
The price of Houston homes has remained seemingly unaffected by recent events, with the average sales price of single-family homes rising to $296,418, an increase of 2.6%.
As mortgage professionals who live and work in Houston and the surrounding area, we are dedicated to helping our fellow Houstonians as we work together to navigate this incredibly difficult situation.
If you have any questions about your financing options following Hurricane Harvey and would like to discuss your situation with a qualified professional that has your best interests in mind, give The Kingwood Mortgage Guy a call today!
If you are in need of temporary housing while you figure out your next move, visit www.har.com/temporaryhousing or contact the Houston Association of Realtors.