For the month of May the median selling price was $420,000, the last time it was higher was September of 2008. It is down 12.2% from a year ago and 35% below its peak of June 2007.  Prices have been falling at a year over year basis since September of 2007 with the worst month being August 2009 when it fell 31.5%. 

Last month single-family homes sold for 35% less than their peak pricing and condos sold for 38% below their peak that was reached in March 2006.  Builder prices for new homes are 38% below their February ’05 peak.

In the month of May Orange County homebuyers purchased 2,915 home which is up 14.3% from a year ago. May was the 11^th straight month of sales gains vs. the year-ago period.  That follows 33 consecutive months where sales failed to beat the previous years pace.