The latest Orange County home inventory report from Steve Thomas at Altera Real Estate in Aliso Viejo as of Thursday shows:

Demand, the number of new pending sales over the prior month, totaled 3,632, the highest since August 2005.

The active-listing inventory dropped 198 homes in two weeks to 10,363, the lowest since April 2006.

Market time how long supply would take to sell at the current buying pace was 2.85 months, the lowest since October 2005.

Homes listed for less than a million had a market time of 2.24 months vs. 12.86 months for homes listed for more than $1 million. As a percentage of all listed homes for sale, distressed properties were 35.9 percent of the market last week. Forty-nine percent of the homes listed for sale under $1 million were distressed. Six percent of the million-dollar-plus listings were distressed. There were 3,724 distressed homes on the market, 37 percent off the peak of 5,950 in August 2008. Foreclosures for sale dropped 62 percent from the November 2008 peak.

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