More homes available for those moving to Orange County

A new report says those with plans on moving to Orange County, California, may have more properties to choose from than usual, as local housing inventories have soared over the past year.

Citing data from a report by Altera Real Estate, the Orange County Register says that the amount of time it would take to sell all of the available local properties - given current sales rates - has increased in every price category, and is particularly elevated for high-end homes.

According to the report, it would take just over 4.6 months for buyers to take up all of the available homes, an increase of 58 percent compared to the same time last year. For properties listed under $1 million, that inventory level is 4.1 months, a 74 percent increase over a year ago.

While the increases haven't been as sharp for luxury properties, the supply remains high. There is an 11.9-month supply of homes costing more than $1 million, and nearly four years' worth of properties listed at more than $4 million.

Home prices in the area have continued to slip as well. Data from the Case-Shiller home price index from Standard & Poor's found that prices in the Los Angeles/Orange County area were down 0.75 percent from September to October.

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