Orange County Housing prices slip 6% in January

The Orange County Register reports:

Orange County home prices took a tumble in January, with the median price falling below $600,000 for the first time in eight months.

DataQuick reported today that the median sale price for all residences sold in January was $582,000 – down more than 6 percent from December's record $621,000 but still up 9 percent from January 2005. Sales volume was weak, too, as 2,594 homes sold – down 11 percent in a year. This was the slowest January since 1997.

Double digit price increases aren't going to happen every year.