Summer distractions are causing prices to drop. There are fewer buyers making offers and this equates to longer selling times.

With pending sales dropping 4% and active listings increasing 8% over last month, the housing inventory is at 7,200 (higher than last August’s record breaking peak of 7,100)
and we may see an inventory number of 8,000 by the end of summer.
Orange County current market time to sell a home is now 79 days (that’s the time it takes to get a home into escrow)
Although it is still slightly a seller’s market, a balanced market is 90-120 days market time. So you can see, that we may be reaching that mark soon.

Detached homes under $750,000 & condos under $500,00 are still hot but they too are beginning to show signs of slowing
Homes from 1,000,000 - 1,500,000 = 150 days to sell
1,500,000 - 2,000,000 = 171 days to sell
2,000,000 + = 375 days to sell

Advice For Sellers: Careful pricing is key. Overprice now and you may not sell at all until next year.

-With source information from OCAR