The conventional wisdom is that the Austin market lags the dominant trend by a year or two. I have no idea why that would be true, but one hears it. It seems like it held true this last go round. We sold our house near the US market peak (purely coincidence), but the Austin market continued to climb until last year (more than a year lag, but what the hey).
Things are really confused here now. Lots of stuff on the market at high prices, but sales seem sluggish. I see lots of For Sale signs that have been up for months and months. We have actually had a couple of condo developments auction off unsold units.
I just wish Austin would stop showing up in all those media pieces about cool places to live. REWahoo provides a much more accurate picture of life in central Texas.
Another reason not to live in Texas