Realtor.com® views on properties in Houston and Miami plunged following Hurricanes Harvey and Irma, tanking -4 percent and -25 percent year-over-year, respectively, in September, according to realtor.com’s latest data preview. Last September, Houston property views were up 21 percent, while Miami views were up 14 percent.
“In Miami and Houston, hurricane recovery is evident,” says Danielle Hale, chief economist for realtor.com. “Home views in those markets show declines from a year ago, compared to the double-digit increases they showed just last month. We’ll see recovery in these housing markets, but it will take some time.”
The country overall saw a 10 percent pick-up in prices year-over-year in September, reaching a median $274,000. There were 9 percent less homes on the market year-over-year, and the median age of inventory was 69 days. Roughly 430,000 homes were placed on the market.
“While the steadiness in prices from August to September is on par with what we’ve seen in the last few years, other indicators show what a tough market buyers are facing,” Hale says. “Both the number of homes coming on the market and the amount of time they take to sell are lower than we typically see in the fall season, while listing views per property continue to rise.”
The housing markets in realtor.com’s Hotness Index for September:
- San Jose-Sunnyvale-Santa Clara, Calif.
Median Age of Inventory: 34 days
- San Francisco-Oakland-Hayward, Calif.
Median Age of Inventory: 30 days
- Vallejo-Fairfield, Calif.
Median Age of Inventory: 38 days
- Fort Wayne, Ind.
Median Age of Inventory: 44 days
- San Diego-Carlsbad, Calif.
Median Age of Inventory: 39 days
- Stockton-Lodi, Calif.
Median Age of Inventory: 37 days
- Santa Rosa, Calif.
Median Age of Inventory: 43 days
- Sacramento-Roseville-Arden-Arcade, Calif.
Median Age of Inventory: 42 days
- Modesto, Calif.
Median Age of Inventory: 40 days
- Detroit-Warren-Dearborn, Mich.
Median Age of Inventory: 44 days
For more information, please visit www.realtor.com.
Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.
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