From Alamo Title Co.:

The Austin Market:
The number of active listings are up 1.41% from last year during the same week.
 
New listings are up 16.52%.
Pendings are up this week by 34.79%.
Sold residential units are up 36.79% compared to the same week last year.
 
The Week in Review
Units for Sale:
Mar. 28 - Apr. 3, 2010
(compared to the same week in 2009)
New listings are up this week 16.52%
Pendings are up this week 34.79%
Solds are up 36.79%
 
As for Average Prices:
Mar. 28 - Apr. 3, 2010
Sold average sales prices decreased 9.80% to $240,744.  In 2009 it was $266,905 for the same week. 

Preliminary March 2010 Data:
Units for Sale: (compared to March 2009)
New listings are up 21%.
Pendings are up 30.03%.
Solds increased by 25.84%
 
As for Average Prices:
The "New Listings" average list price is down 8.41% to $318,888.  In March 2009 the average list price was $348,183. 
Sold average sales prices increased 0.77% to $230,704.  For March 2009 it was $228,938. 
 
Sam's comments:  It looks like the trend of increased pending sales and closed sales continues and that is good news.  The decline in prices is a bit of concern for sellers.  This may be a result of homes at higher price points taking more significant price reductions and having that affect the overall numbers.  For those at the lower end of the market, prices should be holding relatively steady.

The increase in the number of listings is a result of home owners who pulled their homes off the market for the winter months putting them back on again.  This increase in supply may cause a continuation of price declines simply because of supply and demand.  This may be good news for buyers - more inventory to choose from and having the ability to be agressive on price.