Houseingwire.com recently published an article detailing how the recent hurricanes have impacted the housing market, specifically the inventory.
We have seen an uptick in overall inventory, in fact in my own Colorado neighborhood, I have seen availability double from last year. According to HW, four weeks ago was the strongest week of inventory growth in 2024, now it is slowing down. The supply chain shock, the time it takes victims to receive the aid they need, employment opportunities, and people leaving the hurricane zones all affect housing.
Now obviously you will see a decline in the affected areas, Tampa Bay being one example. That market has seen a sharp decline in the past few weeks for obvious reasons, but now with the new climate risk score that Zillow has promised, this decline might continue. More on that here.
The supply chain after a hurricane has a large impact on the housing market. According to riskwire.com, “Immediately following a hurricane, housing markets typically experience upward pressure on prices due to classic supply and demand dynamics.” There is a large number of people displaced from their homes due to flooding, damage, etc. which drives up the demand for housing, which in turn limits supply driving up prices.
With the National Oceanic and Atmospheric Administration predicting an above normal finish to the 2024 hurricane season, the housing market is going to be going through some ups and downs. See the links below for the full articles.
