Real estate is just one of the many economy-driven industries that felt the devastating impact of hurricanes this season. In Puerto Rico and the U.S. Virgin Islands, residents are still in the middle of recovery efforts following Hurricane Maria. It may be some time before those real estate markets can be evaluated, as many of the islands were catastrophically damaged. The Senate is moving forward with a $36.5 billion hurricane relief package that Puerto Rico will greatly benefit from, and St. John residents are expecting the restoration of power soon.
September sales statistics provide a closer look at the challenged markets just a few weeks after Hurricanes Irma and Harvey dealt destruction to areas of Florida and Texas. Houston is coming back strong much earlier than anticipated, while Florida is still reeling from a statewide drop in real estate activity.