The average occupancy rate for this week is close to 65% (during the 2004 to 2007 period), so the current 59.9% is still well below normal. The lower than normal occupancy rate is still pushing down room rates (on a YoY basis) although revenue per available room (RevPAR) increased for the fourth straight week.
Hotel occupancy increases for 6th straight week
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While the Austin housing market isn’t sizzling, agents say it is still warm
Despite an uptick in inventory, Austin metro area home prices are holding steady and giving agents confidence in the strength of the market
