The Austin area had a 2% decline of home sales in July.  We are also down 2% for the year compared to 2006, which was a record setting year.  Is this a cause for concern?  I don't think so.  The tightening of requirements for buyers to get a loan probably has a lot to do with this.  The fact that Austin's real estate market was on fire last year is probably also a factor.  Take a look again at a very low unemployment rate and a continued excellent job growth rate.  Take a look also at prices that continue to climb.