Hi Michael,


Happy Thursday, and what a week it's been! We kicked things off with a dramatic start, thanks to sideways rain and baseball-sized hail wreaking havoc in the North Austin metro area. Our foremost concern is your safety, and if you've been affected by the hailstorm and are unsure about handling repairs or insurance claims for your home or vehicles, don't hesitate to reach out. We're here to provide guidance through the process. And for those simply curious about the dramatic photos and videos, we've got those below for your viewing.

In this week's report, we'll be examining how Austin's real estate market measures up against the rest of the country. We'll compare national sales data with our local figures. While we did witness an uptick in closed sales volume compared to the previous year, prices are still down by 7% in our area. Interestingly, the national trend is the opposite, with a decline in sales but an increase in prices. Stick around to the end and we have Austin's 2023 Fall Bucket list!

Always remember that real estate is all about location and situation. If you have any questions or need guidance on how to make the most of the current market conditions, we're here to assist and help you turn the challenges of interest rates and inventory into opportunities.

Steve & Mike Cossette 

(512) 299 5904

[email protected]

Do you know anyone who may need my services? Feel free to pass this email along so I can chat with them about their real estate needs!

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Local Community Update

More closed home sales in Austin show growing homebuyer confidence

Finally a more optimistic outlook on Austin's housing market, with the latest data showing the first increase in closed home sales year-over-year since February 2022. More closed sales and a gradual increase of housing inventory convey growing buyer confidence throughout the Austin-Round Rock (MSA).

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Severe hail storm in Austin area, damage to homes across the city

Severe thunderstorms struck Central Texas Sunday night and Monday morning, unleashing destructive golf to baseball-sized hail. Witnessed and shared on X (formerly Twitter), some crazy photos and videos that reveal the extent of the damage to vehicles, residences and structures. Check them out below:

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New Listings This Week

Check Our NEW Listings Here

National Market Report

RE/MAX National Housing Report for Aug 2023 

Buyers have reason to feel encouraged by the gradual rise in available listings, regardless of year-over-year comparisons. This increase translates to more choices, With the emergence of new listings, a rise in sales, and price stabilization, the August sales data brought several promising developments.

A modest uptick in inventory can influence sales prices, and we observed a slight increase in August within our local market. As a result, home prices are showing signs of steadying, with a marginal decline from July to August. Notably, homes priced below the median range continue to sell swiftly, but the overarching challenge remains affordability for many in the Central Texas area.

Austin MSA Compared to The National Ave

>>> Austin MSA 5yr Trend Graphs <<<

DFW MSA | Houston MSA | San Antonio MSA

Austin MSA Aug Stats

  • # Closed Sales: Increase +1% year-over-year
  • Median Sales Price: Down -10% YOY to $462,000
  • New Listings: Up by 1% over last August
  • Ave Days on Market: 60 days up 28 days from Aug 2022
  • Months of Inventory: increased 1.0 months to 3.8 months of inventory YOY.
Central Texas Market Report

National Ave Aug Stats

  • # Closed Sales: Down 13.1% compared to August 2022. 
  • Median Sales Price:$425,000, up 3.7% over last year
  • New Listings: Down -26.7% from last July
  • Ave Days on Market: 34 days up 3 days from last year
  • Months of Inventory: was 1.7 months, the same as last month and last August.
RE/MAX National Market Report

New Market Activity by Area

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Investor Reports

Sept 2023 Commercial Market Insights

As low-interest loans mature at higher rates, all commercial real estate sectors face challenges. Higher vacancy rates and slower rent growth remain the dominant trends of the current market. Negative net absorption and new supply have pushed the vacancy rate to another all-time high

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Zillow Predicts a 4.9% Rise in Home Prices by Next August?

Zillow is really bullish on housing, but are they right? How much are they projecting prices to grow? And who's in disagreement?

Will buyers keep up the pace or will lack of affordability change the market landscape?

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