It looks like the Orange County inventory levels have peaked and are on their way down.
What does this mean to the buyers? Not much other then your selection will begin to narrow... Does this relate to better pricing? Any one's guess is as good as mine, but this time of the year is always good for getting the best deals. No one wants their home on the market during the holidays, so sellers seem to wheel and deal the most from now until Thanksgiving.
You can see how much inventory is on the market and the average days on market for that price point on my website: