Austin Real Estate Market Plunges

Isn't that just the kind of headline you see all over the place these days? The only thing that plunged in Austin the week referenced below was the number of pending sales. Is a week representative of the overall health of any market? Of course not, but Austin appears to be holding on pretty well.

September 1 - 8, 2007
(compared to the same week in 2006)
New listings up 7.19%.
Pendings down 24.16%
Solds up 26.07%.

As for Average Prices: Sept 1 - 8, 2007
(compared to the same week in 2006)
The "New Listings" average list price increased 13.50% to $323,904. In 2006 the new listing average sales price was $285,372.

Sold average sales prices increased 22.45% to $274,896. In 2006 it was $224,493 for the same week.