Murrieta Home Sales Fall Slightly; Price Remains Above County Average

Between March and April, home sales in Murrieta dropped by 7 percent.

Two hundred homes and condominiums closed escrow in Murrieta during April, down from 214 in March, according to a report generated by Murrieta Real Estate Broker Bill Burchard, taken from the California Regional Multiple Listing Service.

In Riverside County, homes sales dropped 13.7 percent last month compared to the same month a year ago, as Southern California sales fell to their lowest level for an April in three years, a real estate information service reported today.   

A total of 3,470 homes changed hands in the County last month, compared to 4,023 in April 2010, according to La Jolla-based MDA DataQuick. The median price of a home in Riverside County in April was $190,000, down 5 percent from $200,000 in April 2010.   

According to DataQuick, April marked the 10th consecutive month in which Southland sales fell year-over-year.   

There was less of a drop in Murrieta home sales prices. According to March statistics for Murrieta--April's were not available as of Thursday--Murrieta's median home sales price fell .74 percent, from $236,750 in March 2010 to $235,000 in March 2011, according to the report.

DataQuick's report shows that 256 homes sold in Murrieta in March. In Temecula, 234 homes sold. The median sales price in Temecula fell 1.30 percent from March last year, with a median home price of $265,000 in March 2011 and $268,500 in March 2010.

The results show southwest Riverside County home sales prices remain above the County average of $190,000.

The median price for a Southern California home was $280,000 last month, down 0.2 percent from $280,000 in March, and down 1.8 percent from $285,000 in April 2010, according to DataQuick.

"The market's in a rut at a time it would normally be building momentum,'' DataQuick President John Walsh said. "Two of the more likely forces that could get it going again are more robust job growth and home price reductions. At the moment, the latter appears to be the more likely short-term catalyst.  

"Sales have been far below average for quite a while and there's little doubt there's pent-up demand out there,'' he said. "But too many people still aren't in the mood or in a position to buy.''   

City News Service contributed to this report.