August home sales dip as Harvey hits Houston marketAugust home sales dip as Harvey hits Houston markethttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=177602017-09-15T05:00:00Z2017-09-15T15:00:00Z

​​​​​HOUSTON – Home sales declined 25 percent in August as Hurricane Harvey knocked out hundreds of deals at the end of the month.

The Houston Association of Realtors (HAR) reported 5,917 single-family homes were sold last month, down from 7,927 in August 2016.

​When a hurricane enters the Gulf of Mexico, insurance companies restrict the initiation of new policies for homeowners, and this delays many closings. Homes that were slated for closing have to be re-inspected for flood damage, and many would-be deals collapsed after flood waters entered the homes.

The local housing market had been moving at a record pace in 2017, running at about 8 percent above last year’s sales. Even with the Harvey devastation, year-to-date home sales are still running 1.8 percent ahead of last year’s pace.

Rental housing is strong. Single-family home leases jumped 9.4 percent while townhome/condominium leases shot up 17 percent, HAR reports.

Realty News Report
Houston-The Woodlands-Sugar Land
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