Southern California Real Estate Had a Great August

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Real Estate Marketing Insider comments on the news that home prices in Southern California are higher than they have been in four years.

Tobias Nergarden issued some observations about the reports that Southern California home prices were very high in August and his opinion is that this will help home sellers because with higher prices comes higher demand and more opportunities for advertising real estate.

August was a good month for real estate in Southern California, as reported by Bloomberg Businessweek. Home prices in certain areas were 10% higher than they were in August 2011. This made for the highest median home prices in the area since 2008. Along with this, sales were up as well, with a 14.2% increase over August 2012. The reasons for this increase are mainly due to a large number of properties, such as beach front vacation rentals, sold along the coast in areas like Orange County. The percentage of total sales that were foreclosures was also low, which meant that more expensive properties were sold, raising the average price. While the coastal counties of Southern California did well in August, inland counties like Riverside County and San Bernadino County saw prices and sales rise but not nearly as impressively.

Orange County is the smallest county in California in terms of square miles, but it is high in population, being one of the most populated counties not just in California, but in the United States as a whole. Tourism is a major part of the Orange County economy, due to the many beaches as well as theme parks like Disneyland. Although California as a whole is a liberal politically, Orange County is considered to be conservative. There are also many major corporations headquartered in Orange County, which help raise the average wage and home prices.

Riverside County is one of the fastest growing counties in California in terms of population and has been for several decades. Between 2000 and 2007, the population of Riverside County increased by 20%. There are not as many companies headquartered in Riverside County as there are in Orange County, so the average wage is lower. There are several colleges and Universities as well as some military installations in Riverside County.

San Bernadino County is very large, geographically, even larger than some of the smaller states. In fact, it is larger than any other county in the lower 48 states. Even though it is part of the most densely populated state in the U.S., San Bernadino County has many areas that are desert or mountains, forcing most of the population to reside in the southern portion of the county, nearer to the Los Angeles Metropolitan Area. The average wage is generally lower than those of neighboring counties in the Los Angeles area, and there are more people living in poverty.

Real Estate Marketing Insider today commented on the news that Southern California is seeing a large surge in home prices.

About Real Estate Marketing Insider:
Real Estate Marketing Insider is a publication for real estate professionals located in La Jolla, CA. The primary goal of Real Estate Marketing Insider is to offer hot tips, strategies, and analysis to these real estate professionals.

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