Houston home sales plunged for the first time in nearly a year in the aftermath of Hurricane Harvey, according to the Houston Association of Realtors.
Local Realtors sold 5,917 single-family homes in August, a 25.4 percent drop in sales year over year, according to HAR’s most recent monthly housing report. The sales decline affected homes of all price points.
Harvey impacted Houston’s townhome and condominium markets as well. Houston-area Realtors sold 443 townhomes and condos in August, a 31.4 percent decline year over year, according to HAR.
“Hurricane Harvey dealt a severe blow to the Houston area and Texas Gulf coast and it will probably be several weeks until we can gauge the storm’s full impact on our housing market,” Cindy Hamann, HAR’s chairwoman, said in a statement. “Home sales were humming throughout the first three weeks of August, but the moment Harvey struck the region, everything came to a screeching halt.”
August’s sharp drop in home sales was likely due to Harvey’s timing toward the end of the month. Hurricane Harvey hit the Texas Gulf Coast on Aug. 25. The last week of the month is typically when most home closings are scheduled. Many deals were canceled or postponed as prospective buyers walked from flooded homes or took an extension to re-inspect homes for hurricane damage.
Despite the drop in August closings, home sales remain 1.8 percent ahead of the 2016 volume, according to HAR.