I've been waiting and watching for this.  This is only one week, but I wonder if it is the beginning of the trend I have been expecting.  From Alamo Title Co.:

Week in Review:

March 2 - March 8, 2008

(compared to the same week in 2007)

New listings up 74.22%

Pendings are down 65.11%

Solds are down this week by 16.67%

 

As for Average Prices: Mar. 2 - Mar. 8, 2008

(compared to the same week in 2007)

The "New Listings" average list price increased 10.32% to $330,550.  Last week that number was $302,056.  In 2007 the new listing average list price was $299,625.

 

Sold average sales prices decreased 11.02% to $226,488.

In 2007 it was $254,548 for the same week.

Sellers need to get real with pricing of new listing.  Austin home sales are slowing dramatically.  2006 was a great year, but it is over.  Sellers need to price just below the market rather than chasing prices down.  Pricing lower today will probably result in a quicker sale ad a higher price than lowering the price month after month until a house sells.