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Hurricane Harvey

Harvey Depresses Houston Home Sales

Home sales declined by 25 percent in August, ending a 10-month streak of growth.


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August was on track for another record month for Houston home sales, "and then with this threat and the loom of Harvey, unfortunately we have seen a decline in our housing sales this month," Kenya Burrell, chair-elect of the Houston Association of Realtors, said. "We're down about 25 percent."

That translates to about 2,000 fewer single-family homes sold than in August 2016.

It means the end of a 10-month streak of rising home sales.

2017 is still on track to be a record year, with year-to-date sales up 1.8 percent. But that might change. Considering pending home sales were down too, September may also be affected.

"There were transactions that were about to close," Burrell said. "A lot of these properties now are in a different type of status, only because of either the need for a re-inspection or physical property damage."

Home prices seemed to be unaffected, continuing their steady upward trend. But a jump in demand for undamaged homes could lead to a sharp increase in prices.

Burrell said they'll have an idea what long-term effects Harvey will have on Houston's real estate market by early October.

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