Happy Thursday!

I hope you’re all gearing up to stay cool and have a fun Memorial Day weekend. With school winding down and temperatures heating up, it’s the perfect time to kick back near some water and soak up some sun.

This week, we’re diving into the latest RE/MAX national housing stats for April and comparing them with our own Austin area. For local updates, check out the latest Austin ranking in the best places to live, and find out why Austin is one of the top cities for summer travel. For investors, you won't want to miss this discussion on the new law that could severely impact the real estate wholesaling industry. And in market news, we’ve got updates on new home construction. As always, we're here to help you navigate the market, so feel free to reach out if you have any questions or need further insights. Enjoy the holiday, and stay cool!

The Cossette Team

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The Local Update

The top 3 cities for 2024 summer travel are here in the Lone Star State?

WalletHub's 2024 ranking features Austin, San Antonio, and Houston as top summer travel destinations. These cities are recognized for their affordability, attractions, and favorable weather, making Texas a prime choice for summer vacations.

Austin climbs back into the top 10 best places to live in 2024 by U.S. News

Austin has re-entered U.S. News & World Report's top 10 Best Places to Live in America, securing the 9th spot. This improvement is attributed to Austin's strong job market, high quality of life, and increased desirability.

New Listings This Week

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National Market Report

This video covers what's going on with real estate right now.

RE/MAX National Housing Report for April 2024

April's National real estate data paints a vivid picture of the market's dynamism. With home sales soaring by 6.8% from March, driven by a 5.6% surge in new listings. This surge has expanded total inventory by 6.3%, hinting at a potential improvement towards a more buyer-favored balance, although seller's markets still prevail in many areas. Median sale prices have hit $437,000, up 2.9% from March and 5.7% from April 2023, naturally regional disparities are also impacting sales and pricing trends.

>>> Austin MSA 7yr Trend Graphs <<

DFW MSA| Houston MSA | San Antonio MSA

Nationally sellers are fetching 100% of their listing prices, underscoring the sustained demand, while the slight decrease in days on the market to 32 suggests again the regional variations influencing inventory levels. Some markets have low inventory, indicating heightened demand, while others offer more options for buyers. In Central Texas, we're still seeing increases in inventory overall, but days on the market have fallen from a year ago, indicating Sellers are pricing their properties better than last year and the Buyer demand is still there.

Navigating all these fluctuations calls for the expertise of a trusted local realtor to secure the best deals and make informed decisions.

Austin MSA Compared to The National Ave

Austin MSA April Stats

# Closed Sales: Down 11.6% from April 2023
Median Sales Price: $460,000 down 9.8% from April 2023
New Listings: Down by 4.5% from April 2023
Ave Days on Market: 77 days, down 18 days from April 2023
Months of Inventory: up 1.4 months to 4.0 months of inventory YOY

Central Texas Market Report

National Ave April Stats

# Closed Sales: Increased by 9% from April 2023
Median Sale Price: $437,000, marking a 5.7% rise from April 2023
New Listings: Saw a growth of 18.2% vs April 2023
Ave Days on Market: 34 days, the same as April 2023
Months of Inventory: 1.7 in April 2024, up from 1.3 months from April 2023

RE/MAX National Market Report

New Market Activity by Area

Investor & Market News

New South Carolina Law Cracking Down on Wholesaling?

A proposed law in South Carolina aims to regulate real estate wholesaling more strictly. If passed, wholesalers will need to hold a real estate license to operate. This move seeks to protect consumers but could significantly impact the wholesaling industry.

New-Home Construction Rebounds in April Despite Higher Mortgage Rates

April 2024 saw an 8.6% increase in new home construction, indicating a strong rebound in the housing market. This growth is driven by lower mortgage rates and rising demand, with builders optimistic about continued expansion.