In Murrieta, California the number of homes for sale has been increasing and the number of pending sales declining - with a current 4-months of standing inventory as of August 23, 2010. Compaired to 1-year ago (8/19/2009) where the months of inventory was about 2-months. In contrast in May (5/25/2010) there was about 3 months of inventory.
Per MLS the lowest current list price is: $131,000 for a 935sq' home on a standard residential sized lot.
The highest current listing is at $4,400,000 for a 10,784 square foot home on 4 and 1/2 acres.
Per dqnews.com the current median sales price (July 2010) for zip code 92562 was $251,000 ($114 per square foot) 3-months ago (April 2010) the median price was: $259,000 ($110 per square foot) and in January 2010 (6 months ago) the median sales price was $251,000 ($109 per square foot).
For zip code 92563 the median price for July was: $250,000 ($98 per Sq') in April 2010 $245,000 ($100 per Sq') and in January 2010 $250,000 ($98 per Sq').
Economics 101: an increase in supply and / or a decline in demand will (could) result in a reduction in prices.
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