In Austin, Texas, local experts are reporting that demand is up 10 percent based on units sold. Supply is down. This could spell good news for sellers.

While supply dropped 4 percent, prices continue to rise, with a median sales price reported at $174.000. This is a healthy 4 percent rise over last year.

So what news is there for buyers? Forbes magazine ranks Austin, Texas as an undervalued market by around 7 percent.

One local experts notes, "The Austin real estate market with the recent acceleration in employment and economic activity, we should continue to see the real estate market outpace the rest of the country during 2007."

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