California had statewide estimated sales for September (the latest month available) of 40,317 including new and resale houses and condos. That number is up 6.1% from 37,988 in September a year ago.

A number that is staying fairly consistent throughout the state and held true for Southern California is that approximately half of all sales are bank owned properties.

The overall median price in California dropped to $283,000, down 6% from the previous month and the median for Orange County dropped to $425,000, a drop of 25.4% from a year ago.

The total number of sales for O.C. was 2,667, an increase of 62.3%. The break down of those numbers is as follows: 1,732 single family resale, 750 condos, and 185 new homes.

Housing construction will not rebound much from the lows of 2008. According to the Kiplinger California Letter, “The latest Construction Industry Research Board report forecasts…work to start on only 74,000 homes, about half of them condos.

By contrast, there were 113,034 housing starts in 2007 and 212,960 in 2004.” (Dataquick)