I follow all the housing sales in my neighborhood here in Orange County. The prices have been absolutely flat or somewhat declining in the past year.
Most houses seem to sit for at least 2-3 months before selling. Some have been on the market for close to a year. Here's an example of one that has been on the market for close to a year:
http://www.firstteam.com/homes/propertydetails.asp?id=10379333&db=1&MLS=S356918