Widespread flooding in Houston during late August was expected to rattle an ever-expanding housing market. After a brief blip, things have picked right back up.
The New York Times reports that Hurricane Harvey has not quelled demand for homes in Houston, the nation’s largest new-housing market. Thanks in part to light regulation and a solid economy, Houston builds 40,000 housing units a year, and the metro adds 400 people every day.
Homes that are undamaged from flooding are hot commodities, but even water-logged homes are drawing interest from buyers looking for a good deal.
There are concerns that labor and material shortages will make it difficult to rebuild.
But, as insurance and government money comes in, developers and real estate agents are betting that the area will quickly clear the backlog and continue along its normal trajectory of adding homes and people.
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