Hurricane Harvey Impacting Texas

AUGUST NEWSLETTER

 HURRICANE HARVEY IMPACTING TEXAS

The month of August has been momentous.  We started out last week with excitement over theeclipse and now we have the devastation of Hurricane Harvey south of us.  We personally have many friends and family in the Houston area that have been impacted by the flooding from Harvey.  Our thoughts and prayers are with them.  The picture above was taken on one of our trips to Corpus Christi which had damage from the initial impact as well as Rockport and Port Aransas. Many from North Texas have made their way down  to help with the rescue efforts and it is anticipated that many will be in this area for an extended period of time while homes will need to be rebuilt and repaired.  Houston is the 4th largerst city in the US and we will be watching for the economic impacts of this historic event.  As this is being written, the event is still ongoing, people are being rescued from rooftops and Harvey is now headed to Louisiana. Below we will share some links of ways we can help those affected by Hurricane Harvey. 

The markets in North Texas are slowing a bit however this appears to be a seasonal market fluctation.  As all four counties are up from the same time last year.  This is a look at the median sales price through July.  You can see that all four counties have declined slightly Denton is down 1.32%, Collin down 4.41%, Dallas down 3.43%, Tarrant is unchanged from the month before. However they are all up from the same time last year. 

Denton County
$302,100 | +7.9%

Collin County
$325,000 | +6.6%

Dallas County
$233,000 | +11.5%

Tarrant County
$225,000 | +9.8%

The number of sales has decreased from the previous month for each county.  This is a seasonal trend that has occured for the past five years as the market typically slows once school starts back.  People are settled and less likely looking to move.  Tarrant County which includes the city of Fort Worth has had the largest number of sales.  All four counties have increased the number of sales from the same time last year.  Here are the percent change number YoY: 

Denton County
1,433 | +0.7%

Collin County
1,634 | +4.4%

Dallas County
2,235 | +3.0%

Tarrant County
2,672 | +3.1%

The inventory is increasing from the previous month in Denton and Collin Counties. You can see from the chart that this does occur at this time seasonally.  This area has had the most new construction in the nation helping with the inventory, however we still have a great many people moving to the area which increases the demand. The supply of homes is down in Dallas and in Tarrant County it is up from last month and unchanged from the same time last year.   You can see from this chart that this is a seasonal cyclycal increase in supply.   Here are the YoY percent changes

Denton County
2.7 | +12.5%

Collin County
3.0 | +25.0%

Dallas County
2.3 | -4.2%

Tarrant County
2.1 | 0.0%

Here are some links to ways to help the victims of Hurricane Harvey: 

The American Red Cross

UMCORelief Supply Kits

The Salvation Army

Texas Association of Realtor Relief Fund
Hurricane Harvey Relief Fund-Alamode