Developers are just starting to survey the extent of Harvey’s damage in Houston, now that roads are reopening and they can inspect their properties. At least 75,000 homes have been damaged, said Jeff Lindner, a meteorologist with the Harris County Flood District — “and I’m pretty confident saying it’s higher than that.”
Loss estimates of total damages across Texas and Louisiana run the gamut, with Accuweather projecting more than $190 billion in total losses, the most expensive natural disaster ever. Moody’s Analytics released more conservative estimates, up to $108 billion with homeowners and businesses suffering a combined $60 billion to $75 billion in property damage.
“This is the costliest and worst natural disaster in American history,” Dr. Joel N. Myers, founder and chairman of AccuWeather, said in a statement.
It could take months or years for Houston’s vibrant housing market to recover from the storm, analysts and developers said. Deals that were scheduled to close will be delayed, and buyers who were shopping for homes may reconsider Houston. Crews scheduled to build new homes will likely be lured away for the reconstruction, delaying new homes by months and increasing the costs of labor and materials. The housing market will tighten as the supply of homes shrinks, pushing rents higher in areas that weren’t flooded.