One of the bigger challenges facing the Austin, Texas housing market right now is an overall lack of availability and affordability in what typically is considered first time buyer price ranges. Historically, Austin's first time buyer segment traded mostly in the under $200k price range. However, with prices on the rise, those budgets are now stretching up to $250k.
It seems Millennials (ages 25-34) are choosing to rent over buying. They are looking for attractive locations versus putting down roots. This is making waves in the market by preventing sellers of "first time" buyer priced homes from moving on to higher priced homes themselves.
The 2014 Austin market has seen prices rising, even setting new records. Median sales peaked in June in the range of $250 - $300k. It's still a GREAT market with lots of activity. I do find it interesting, however, to track data to see what's trending.