The exact tally is still impossible to calculate, but at least 10,000 homes and other structures have been destroyed by floods, winds and fires in the past three months. Given the acute construction labor shortage that was already at play before these disasters, reconstruction and its repercussions in residential real estate could pose yet another disaster.
“The housing market can’t take the shock of a natural event,” said Nela Richardson, chief economist at real estate company Redfin. “It can’t take any shock because we are so tightly wound with inventory. Any change is a big change, and you’ll see that play out across the South.”