|Houston knocks one outta the ballpark||Houston knocks one outta the ballpark||Bryan Pope||Pope||2017-11-02T05:00:00Z||Housing|
That was some World Series, wasn't it? My guess is nobody in Houston got much sleep last night.
No doubt the 'Stros huge win over the L.A. Dodgers went a long way toward boosting the spirits of many Houstonians—and Texans, in general—who are still recovering from Hurricane Harvey.
With that in mind, Gulf Coast housing markets are the focus of our latest Texas Housing Insight
report, which was posted on our website
According to the report, the Texas Department of Public Safety estimated that over 270,000 homes were damaged in the state's five Gulf Coast metropolitan statistical areas. Of those, about 71,000 are currently uninhabitable.
Clearly, this put more pressure on the already tight housing supply. Center Research Economist Dr. Luis Torres, who co-authored the report with research assistants Wesley Miller and Bailey Cuadra and Chief Economist Dr. Jim Gaines, said it also increased demand since 71,000 households were in need of residences.
"Given that Houston alone accounts for nearly a quarter of the Texas housing sales each month, the impacts of Hurricane Harvey will likely reverberate through the state-level data," Luis said.
Houston sales surged 31.8 percent, recovering completely from the previous month's decline and accounting for a quarter of the statewide September increase. That helped offset 4.5 and 3.6 percent contractions in Austin and Dallas, respectively. Sales fell 1.1 percent in San Antonio and were flat in Fort Worth. Texas as a whole had a 2.6 percent increase in sales.
For the record, here's a breakdown of the damage to Gulf Coast homes.
As defined by FEMA, “affected” structures sustained some damage but are habitable without repairs. “Minor” includes structures that are damaged and uninhabitable but will be habitable within 30 days after repairs. “Major” includes structures that are uninhabitable and require extensive repairs that will take more than 30 days to repair. “Destroyed” includes structures that have sustained loss or damage to such an extent that repairs are not economically feasible.