The Houston Housing Market Area (HMA) is coterminous with the Houston-The Woodlands-Sugar Land, TX Metropolitan Statistical Area (MSA), which is the fifth largest MSA in the nation. For purposes of this analysis, the HMA is divided into three submarkets: the Central submarket, which consists of Harris County and includes the central city of Houston; the Southern submarket, which consists of Brazoria, Fort Bend, and Galveston Counties; and the Northern submarket, which consists of Austin, Chambers, Liberty, Montgomery, and Waller Counties. On August 25, 2017, Harvey, a category 4 hurricane, made landfall along the Texas coast approximately 150 miles southwest of the city of Houston. The hurricane stalled over the Houston HMA, and during the next several days rainfall totals exceeded 50 inches in many parts of the HMA. This report reflects economic and housing market conditions before the hurricane and subsequent flooding. The demand estimates reflect the market outlook prior to the hurricane and do not assess the impact of the disaster on expected demand. A followup report with a postdisaster analysis is forthcoming.