A Texas Association of Realtors report showed that home sales in the state rose 5.5% in the first half of 2017, but the impact of Hurricane Harvey could change that for the rest of the year.
The 2017 Texas Real Estate Midyear Review Report noted a strong volume, price growth, and listing activity for homes for sale in Aransas Pass, Houston, and other cities. You can look for online listings sites like Rockport Properties, Inc.if you wish to sell your home and relocate elsewhere.
Texas Association of Realtors Chairman Vicki Fullerton said sales activity in the state exceeded economic estimates. More than 166,000 homes changed possession between January and June, while prices rose steadily in the same period. The median sales price amounted to $221,800, up 7.7% year over year.
Some experts believe Harvey may dampen sales growth for the second half. Jim Gaines, chief economist of Texas A&M University’s Real Estate Center (REC), said that the impact could be evident in some cities such as Houston. The city accounts for an estimated 25% of the state’s housing market, so any slowdown will be a major dent to the sector.
Despite the negative outlook due to Harvey, some areas have posted sales growth coming into the second half. In North Texas, property transactions increased 9% in August due to more listed homes, according to the REC and North Texas Real Estate Information Systems.
Buyers acquired a total of 11,253 existing homes in the region, which represented the highest number for a single month. The increase drove the total number of sales to reach more than 73,000 homes for the first eight months, up 5% year over year.
It remains uncertain whether Harvey’s damage would affect the local property market, yet it is best to look for options in case you decide to sell your house.