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It’s been a rocky month of real estate news. While Austin saw a few signs of improved home inventory, prices in the city and across the nation continued to climb and make it tougher for first-time buyers to find affordable homes.

As July’s statistics poured in throughout the month of August, all signs pointed toward a shortage of lower-priced homes. Meanwhile, sales of $1 million-plus properties climbed by about 20 percent. The good news in Austin is that new building permits have surged in 2017, indicating a lot of new homes will come into the market in coming months to ease demand.

Meanwhile, there were plenty of other interesting real estate developments in August, including the planned sale of a 2,382-acre slice of prime Hill Country real estate that is currently owned by the Boy Scouts. It has a bunch of frontage on the Blanco River, and everyone from developers to conservationists are vying to buy it at a list price of $24.5 million.

Another notable property also hit the market in August. That’s the $12 million Italian villa that the founder of Carrabba’s Italian Grill has put on the market. It’s as amazing as you’re probably thinking.

Now, let’s dig into the August real estate news roundup.

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