The latest home buying reports showed for the first time since it started being recorded in 1988 builders sales of new residences are less than 100 per month. This is 87% below the 1988-2008 average and the price for new homes is down 44% from its high in February 2005. 
The median selling price of homes in Orange County is down 28.8% from a year ago at $370,000 and 43% below its June 2007 peak. Single family homes are currently selling for 43% below their peak in March of 2006.
Buying activity is up 45.1% from last year. In the most recent period O.C. shoppers purchased 1,938 homes compared to the average from 1997-2006 which was 4,304 homes sold per month.
January marked the 7th straight month of sales gains compared to the same period one-year ago. This is after 33 consecutive months where sales failed to beat the pace of the previous year.
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