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percent from 1960 to 1970, while median household income rose by only 48 percent in Orange County. Worse yet, the median selling price of a new single-family tract home rose more than 64 percent from 1970 to 1974, while median household income rose by only 21 percent from 1970 to 1974. This disproportionate rise has served to price many families out of the market for new housing. In response to this condition, some developers have been constructing lower-cost condominiums. These are constructed at lower prices by reducing lot sizes and interior square footage, thus, achieving considerable savings. However, due to a variety of overall building~cost increases, many fami- lies still cannot afford these units and must seek other avenues for housing. SUPPLY F~CTORS AND MARKET cONDITIONS ORANGE COUNTY HOUSING MARKET AREA: The housing inventory in the Orange County Housing Market Area totaled approximately 589,307 units on July l, 1974, a gain of about 29,760 units annually since April 1, 1970. The net addition to the inventory (126,504 units) resulted from the completion of about 118,004 new units, the addition of 12,100 mobile homes, and 3,400 demolitions and other causes. The number of building permits issued in the housing market area decreased 20.7 ~ercent from 35,664 in 1972 to 28,271 in 1973. The largest decline was 28.3 percent (from 17,779 in 1972 to 12,756 in 1973) in multiple dwelling unit permits. The trend in 1974 permits indicates that the decline in total residential building permits will continue into 1975. However, comparative figures indicate that, despite the housing' slow-down in recent months, the year 1974, with 202 tracts comprising 8,687 lots, surpassed three other years in sub- division development during the past 10 years~ The peak year was 1972, when 351 tracts containing ~8,305 lots were recorded in the County. Development reached its lowest point in 1970, with 143 tracts having 7,805 lots. Other low years were 1966, with 138 subdivisions containing 8,412 lots and 1967, when 147 tracts containing 8,045 lots were recorded. Because of the increasing concentration of condominium and planned unit developments in the past five years, the num- ber of such units must be considered in comparing Previous years. Of the tracts recorded since October 1,1969, 224 have been of the condominium variety. In these devel- opments, 820 lots have been used for 21,890 dweI- ling units. 000061