National real estate market trends have remained steady for the last couple of years, allowing the residential segment to flourish in terms of sales activity and buyer demand. Even when total sales are not measuring forward in year-over-year comparisons, it is evident that the market is responding positively to wider economic indicators. Higher prices, fewer days on market and lower months of supply are all usual indicators of healthy activity. As expected, we are beginning to see declines in new listings and sales as a result of Hurricane Harvey.
In the Houston region, for the week ending September 3:
- New Listings decreased 63.5% to 932
- Pending Sales decreased 53.1% to 712
- Closed Sales decreased 81.6% to 413