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Houston housing comes to ‘screeching halt’ after Harvey

August sales take a 25 percent hurricane hit

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Hurricane Harvey's torrential rains and fast-rising floodwaters dealt a heavy blow to a real estate market that was on track to set new records, according to August data from the Houston Association of Realtors (HAR). “Home sales were humming throughout the first three weeks of August, but the moment Harvey struck the region, everything came to a screeching halt," said HAR chair Cindy Hamann. HAR's latest monthly report shows that all segments of the Houston housing market felt the strain. August sales of property types across the board totaled 7,077, a 24 percent decline compared to the same month last year, while total dollar volume dropped 22 percent to $2.0 billion. After 10 consecutive months of gains, single-family home sales took a 25 percent year-over-year hit. Inventory grew from a four month's supply to 4.4 months. Active listings, or the total number of available properties, increased 12 percent over August 2016 to 42,822. Ryan Bokros, managing partner ...