This is August 2009 Demand versus Inventory chart for Ventura County. Demand continues to be concentrated on the lower end "affordable" areas with inventory in those areas being drawn down. Inventory is being built up in many segments of the $500,000+ market. This is a supply constrained market and while inventory is being cleared on the low end the higher end discretionary sellers are still waiting to find a buyer. I think the headlines of median prices rising because fewer low end homes selling because of the inventory shortage will embolden the higher end sellers to keep to their price and just ensure they will not sell. It does not look good for higher sales moving forward unless some more inventory comes online.