September 2017 Housing Minute

Ongoing supply and affordability challenges and Hurricane Harvey’s impact on sales activity in the Houston area led to a decline in existing-home sales and contract signings in August.

Existing-home sales and contract signings both stumbled in July as stubbornly low levels hampered the housing market and kept home prices rising at a robust pace. Hurricane Harvey contributed to a 1.7 percent drop in August 2017 home sales but broader issues with rising home prices and declining inventories continue to hold sales back, NAR Chief Economist Lawrence Yun says.