In a recent article in the Austin American Statesman about the final results of homes last year reveals that while the number of homes sold dropped 7% the while the median home price rose to $185,000, up 6 percent from 2006.

In December the home sales were down 16% from 2006. Most of homes being sold are in the $200,000-$400,000 range. The homes under $150,000 saw double digits drops in solds. This is due to less first time home buyers because of the tighter conditions from the national financial conditions.

We still see that Austin will remain a very viable market for home buying. The challenges Austin faces are minor in compared to states like California and Florida. However A lot of buyers are putting off buying and selling decisions because they have been influenced by the national media. 

Read the article: Homes sales in 2007 drop 7 percent for more detail on what's happening with our real estate market from the experts.

As noted previously every neighborhood is different so consult your favorite Realtor to find out what's really going on in your area. http://www.valuemyaustinhouse.com/