"The Nexus 9 was launched recently and the tablet from Google and HTC has created quite the hype, especially since it comes with Android 5.0 Lollipop out of the box. The Nexus 9 slate is the Nexus 7 successor and comes as an attempt to upgrade the Nexus 7 as well as set an example of a great compact tablet running stock Android."
There is speculation that Huawei could manufacture the next Nexus 7 tablet which is expected to launch in 2016.
"Google will unfortunately skip updating their Nexus 7 tablet from 2012, but that doesn’t mean that owners of the tablet should start looking at new hardware. Since the Nexus 7 is a favorite among compact tablets, there are many developers working on providing some type of support for the device in place of Google. "
"In case you were on the fence about grabbing one of Google's affordable Nexus tablets, you'd better jump off it pretty soon. The Nexus 7's been pulled from the Google Store, as spotted by TalkAndroid, and it almost assuredly isn't coming back -- especially since the Nexus 9 exists. That means if you still want one of the consistently updated 7-inch slates you'll have to hit places like Amazon while supplies last or wallow in regret for all that could've been. Namely, owning a tablet that (to me at least) is more comfortable to hold than the IPad Mini 2 and is essentially just as capable."
The Nexus 7 is definitely a better deal, at least for now.
I could go either way, they're both great devices.