Randy -- I have the exact answer for you for Orange County. As of the end of May there were 16,471 homes listed for sale in all of Orange County. For the whole month there were 2,147 new sales. So, if there were no more new properties to come on the market in Orange County it would take a bit over seven months to sell everything.
However, since people do always want to sell and it's not realistic to use that as a statistic, taking into account the total inventory for the month plus the new listings for the month and subtracting homes that sell or decide to go off the market during the month, the for sale inventory at the end of May actually increased over by 1,000 homes over the inventory at the end of April.
That's not bad, though. If you look at the cyclical trends during any given year -- whether it's a hot selling market or slow -- the inventory of homes on the market always increases this time of year and will begin to subside starting around September.