Former Houston Association of Realtors chair Ted Jones said even before Hurricane Harvey, it was a tight inventory for houses below one-million-dollars.
“That range is going to be hit pretty hard, because we also have a large amount of homes that will be off line for a while, some of them for more than a year, as rebuilding takes place,” said Jones.
If you're trying to buy a house right now, you'll now notice on your MLS there's a box that says if the house was, or wasn't affected by Harvey.
After Harvey, some people are calling it quits and moving, while others are staying put.
Jones said he anticipates a decline in housing sales from this time last year.
“We’re going to see both prices rise in aggregate and we’re going to see sales rise. Now, prices rise in aggregate, if yours was one of those properties that flooded, I don’t believe they’re going to go up at all. In fact, I think people after three events are pretty leery about that,” said Jones.
He said traditionally a year after a hurricane, job growth is up, which means housing sales will go up.