The inventory of houses for sale in Orange County continued its five-month decline in June mostly due to the fact that fewer homes were on the market. 

The is the lowest inventory level for Orange County since the housing slump began in October of 2005.  At the current pace of the market it would take 5.8 months to sell all the houses for sale in Orange County.  The decline is mainly due to a decrease in the number of homes being offered for sale.  

In the month of July Orange County only had 8,895 homes on the market but since the sales pace is higher now it is taking fewer months to sell all listings. 

Overall, Orange County’s median sales price for existing single-family homes fell by 14.6% in June to $488,320 from the year before and sales were up 18.1% last month compared to June.