Last month existing home sales fell 22 percent, marking the fourth straight month in a row there's been a decline. Some local experts blame the Austin area slowdown on trouble on the national front including the mortgage crisis and sales slump.

"This is all completely new. This area," said owner/developer Sam Moshfegh as he points to the floor to ceiling window which captures a panoramic view of downtown Austin.

It's a million dollar view on a house that was originally listed at almost a million dollars. The price tag is $935,000. However, after nearly five months on the market, the price has been slashed by $67,000.

Moshfegh thought it would sell fast.

"I am big time surprised," he said. Moshfegh blames the national mortgage crisis for its negative impact on the Austin market.

"It's just people are panicky. They're just waiting to think they'll wake up tomorrow. They're going to buy the house that was $500,000 they're going to buy it for $150,000. It's not going to happen," he said.

As a broker, owner and realtor with Austin Home Source, John Sheppard is confident a modest home on S. 3rd Street will sell. It's listed at $275,000. He says prospective buyers are out there - despite what's in the national news.

"If we get bogged down with that negativism it can become a self full-filling prophecy," he said.

Sheppard says home sales in recent years set all time records, so the current slow down shouldn't be too alarming.

"The fact that we've been at record breaking levels for the last seven years past, well just because its down off record levels doesn't mean it's bad," he said.

The challenge for realtors and prospective sellers is getting the public to focus on the positive including the number of people moving here and more new jobs being created. Both guarantee homes will sell.

The hottest selling market continues to be houses centrally located for $250,000 or less. On the opposite end, homes in the $400,000 or higher range are selling at a slower pace.

While the banner outside Moshfegh's Mesa Drive home reads, 'Bring me an offer," he is refusing to take a loss. Instead, he plans to wait for the market to catch up with his asking price.

Another positive indicator of the local housing market is the Median Home Price. According to the Austin Board of Realtors, the Median Price is $182,000 -- that's up 9 percent from last year.