Home prices in Texas were up for 2008 according to FHFA.  Austin/Round Rock prices were up 4.4%.  More detail is contained in the article below:

TEXAS HOME PRICES UP, REPORTS FHFA

WASHINGTON (FHFA, Real Estate Center) – Latest home appreciation rates released this week by the Federal Housing Finance Agency (FHFA) indicate Texas home prices increased 2.1 percent last year.

Midland led the way with a 10.4 percent increase between fourth quarter 2007 and fourth quarter 2008. At the other end of the spectrum were Odessa and Brownsville, where prices fell 2.7 percent and 2.6 percent, respectively.

In the final quarter of 2008, Texas home prices increased 0.2 percent.

"The data indicate what we have believed all along," said Real Estate Center Research Economist Dr. Jim Gaines. "Texas fared well in 2008, especially compared with the rest of the country."

According to FHFA, here's how home prices in select Texas cities did last year:

Abilene	up 2.7%
Amarillo	up 0.1%
Austin–Round Rock	up 4.4%
Beaumont–Port Arthur	up 3.1%
Brownsville-Harlingen	down 2.6%
College Station–Bryan	up 5.5%
Corpus Christi	up 1.8%
Dallas-Plano-Irving	up 1.9%
El Paso	down 0.4%
Fort Worth–Arlington	up 1.2%
Houston–Sugar Land–Baytown	up 3.7%
Killeen–Temple–Fort Hood	up 2.5%
Laredo	up 4.7%
Longview	up 1.9%
Lubbock	up 4.5%
McAllen-Edinburg-Mission	up 0.1%
Midland	up 10.4%
Odessa	down 2.7%
San Angelo	up 4.1%
San Antonio	down 1.6%
Sherman-Denison	up 2%
Texarkana	up 1.1%
Tyler	up 1%
Victoria	up 6.2%
Waco	down 1.7%
Wichita Falls	down 2%

Nationally, prices dropped 4.5 percent last year for the overall index (which includes financings and refinancing) and 8.2 percent based on purchases-only data.