AUSTIN MARKET UPDATE / APR 23

So March numbers look a lot like February numbers. Not a whole lot of progress either way. Yes, we’re down compared to the same time last year – that’s not a surprise because that’s when the Austin market peeked. Don’t read too much into the negative numbers in the report, comparing where we are now to the peek isn't going to paint the most attractive picture of where we are right now. No matter, when things correct, the pendulum almost always swings too hard the other direction and we felt that in the fall and winter. But I'm encouraged by our month over month improvements ... days on market continues to come down, median close price has been stable the last three months, our close price to list price ratio continues to improve. These short-term improvements have me optimistic about the direction of the Austin market. I continue to believe that once the fed stops raising rates, we'll start to see some real progress.