The powerful storms of Hurricane Harvey put a damper on Houston’s housing market, but only for a brief moment. According to Redfin, local real estate agents say that homebuyer and seller activity has bounced back.
Tour requests were down over Labor Day weekend, but not at rates much higher than the national level at the same time. The majority of Redfin clients are still moving forward with their purchases in Houston, according to local real estate agents.
Inventory is down in Houston, a shift from the previously booming rates of new construction. Homes that were not damaged by the storm are in high demand. Buyers are making aggressive, cash bids for available homes.
About 4,190 Houston-area homes went under contract in August, the seventh highest number of August pending sales in the markets Redfin tracks. In normal circumstances, we would expect those sales to close within the next 30 to 45 days. Many of these pending sales will fall through or be pushed later in the year or into 2018 as buyers and sellers reconcile with the storm damage.
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