The supply of existing homes and condos under $500,000 for sale in Orange County, Calif., is just 42% of what it was in April 2012, reports Jonathan Lansner of The Orange County (Calif.) Register.

He digs into the latest data from ReportsOnHousing.

In the biweekly newsletter’s latest issue, Steve Thomas has a worrisome analysis for house hunters seeking relative bargains – residences listed for resale under $500,000. The overall supply of all listings hasn’t changed much this year vs. a year ago and April 2012. But thanks to a steep price recovery, the choices of lower-priced homes shrank dramatically.

Detached home listings under $500,000 numbered 194 last Thursday vs. 288 a year ago and 1,076 in April 2012, according to the report.

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