After SDK Update I had the same problems with API Level 19 and in my case restarting eclipse didn't solve it.
For some reason, in the sdk/system-images/android-19 directory, sub-folders with system images (armeabi-v7a and x86) were placed within "default" directory. I just moved them into andorid-19 directory (if eclipse is running at the same time, you will have to restart it).
adt-bundle-windows-x86-20131030.zip 版本，AVD的创建出现此问题，即把sdk/system-images/android-19目录下有一个default目录，把这个子目录里的armeabi-v7a
and
x86移到出来到sdk/system-images/android-19下,重启eclipse.