The Orange County Register has this report on home sales. "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 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."

"January is a traditionally weak month, with fewer big families buying bigger, pricier homes. This January's seasonal slump was amplified by a rush of sales of new, lower-priced homes."

"Last month, developers sold 426 new homes, slightly more than double the sales of January 2005 and the highest January count since 1989."

"New homes sold last month include conversions of old apartments to condos and two high-rise condos in Irvine. This relatively cheaper housing helped push the median new-home price for January down 36 percent in a year to $472,000. That's the lowest new-home median price since June 2002."