O.C. Real Estate Shortage

Prices in Orange County are holding up, with this year's median prices up $15K above 2016. What is a concern is the low volume of sales in April 2017 vs April 2016 and overall the low volume year to date (YTD) in 2017. Sometimes these trends even out over the months, but a drop of over 50% of sales volume in a single month has caught my attention. In addition there has been a slight reduction in median price month over month. If this trend continues it may indicate a peak as buyers cannot qualify for higher prices and sellers begin to compete with the unsold inventory that was previously overpriced. 

Realist's most recent sale date for Orange County as of 05/26/2017
 Single Family Residence
 Time Period   Number of Sales       Median Sale Price 
 Apr 2017        1,082                    $730,000   
 Apr 2016        2,282                     $723,750   
 Mar 2017        2,329                     $740,000 
 Mar 2016        2,307                     $702,000 
 2017 YTD       6,892                    $735,000 
 2016             24,777                    $720,000