Industry News

Hurricanes impact Texas real estate markets

Inland areas post strong sales

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Home sales in the Texas cities of Austin and Houston varied greatly in September, as Hurricanes Katrina and Rita fueled a huge evacuation along the state's Gulf Coast. The first impact from Hurricanes Katrina and Rita were reflected in Houston's September real estate sales, according to statistics released by the Houston Association of Realtors Multiple Listing Service. Total sales for single-family homes in Houston decreased by 0.8 percent to 4,910 in September, down from last year's 4,950. This is the first year-over-year monthly decrease in single-family homes sales in 19 months. "Obviously, the evacuation of Houston and surrounding areas due to Hurricane Rita negatively impacted September real estate sales figures, pushing quite a few closings into October, but we continue to be on course to break last year's housing sales record," said Toni C. Nelson, HAR Chair and Division Vice President for Coldwell Banker United, Realtors. "It will be interesting to see October's home sales...