Houston Sees 15 Percent Drop in Mortgage Apps, Thanks to Hurricane Harvey – CandysDirt.com

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Houston’s home sales dip in March for first time since Hurricane Harvey. Meanwhile, the average and median price of a single-family home reached their highest levels ever for a March in Houston. The average price was up 3 percent year over year to $292,756, and the median price increased 2.4 percent to $233,500. Total dollar volume of property sales in March inched up 0.7 percent year over year to nearly $2.29 billion.

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Shares of homebuilders, especially those with large portions of their business in the Houston area, slumped after Hurricane Harvey’s floodwaters washed over one of the most active U.S. cities for single-family construction.

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The impact of Irma is yet to be seen since she made landfall in the Florida Keys on September 10 before continuing up the west coast of Florida and heading inland. But widespread preparation and evacuations in Florida reduced mortgage applications by more than 25 percent before the hurricane arrived as business ground to a halt.

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Calculations by UK Finance suggest a 0.25 percentage point base rate rise. brian murphy, Head of Lending at Mortgage Advice Bureau, said those on tracker or variable mortgages would see higher.

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