Industry News

Housing market buoyant, despite hurricanes

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The dual devastation from two hurricanes that swept across Florida in the past several weeks will not likely tear apart the fast-moving real estate market, if history is any indication. Hurricanes Charley and Frances, which each caused billions of dollars in damages, could disrupt the local housing markets in the areas affected by the storms, but the effects from a weather event are typically short-lived, and sales numbers typically don't take long to rebound and normalize, said Walt Molony, a spokesman for the National Association of Realtors. "The only thing we can safely say about storm impact is it can delay transactions on a localized basis. In terms of annual state sales there is no discernible impact," Molony said. "On a monthly basis we've previously been able to detect adverse weather impact in a U.S. Census region in existing-home sales (such as a major winter storm), but see a catch-up the following month." On a quarterly basis the sales data tends to "smooth out," he added...