The latest statistics show that demand for housing is up 70% from a year ago. Demand for housing is defined as the number of new deals in escrow in the past 30 days.
At the current home buying pace it would take 4.31 months for buyers to purchase all the homes for sale, which is even better than two weeks ago when that figure was projected at 5.39 months. 
Homes listed for under a million dollars fare better on the current market than home listed for more than a million dollars. It’s estimated that at the current pace it would take 3.58 months for all the homes on the market priced under a million dollars to sell vs. 19.6 months for all the home over a million dollars to be sold.
Foreclosures in Orange County seem to be faring the best with homes seeming to sell almost instantly. At this rate it would take 1.08 months for all the foreclosed homes on the market to sell.
This chart shows the current data for listings, deals pending and market time in months. It shows the current data vs. 2 weeks ago vs. a year ago vs. two years ago.
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