As we have been writing about in recent blog posts, home prices in Southern California, specifically Orange County, are on the rise. Not great news for those buyers waiting for the real estate market to drop lower, but great news for sellers who have been patiently waiting for the right time to list their home. A study by CoreLogic shows that prices for standard home sales in California jumped 6% in July – an increase that has not been seen since before the Great Recession.

CoreLogic also noted that Orange County home prices on deals that closed in July – both for standard and “distressed” sales — had the biggest percentage gains in six years.

The real estate date firm’s July Home Price Index showed:

  • Prices for single-family home sales closed in California increased by 4.4% in July from July 2011 levels. Those deals included homes that had been through a foreclosure and short sales.
  • Prices were up over 6% for California single-family home deals that don’t include foreclosures and short sales.
  • Prices for all closed housing deals nationwide increased by 3.8% in July — the biggest year-over-year increase since August 2006.
  • Home prices for all home sales in Orange County increased by 1.9% in July. For standard sales (excluding foreclosures and short sales), O.C. home prices were up 2.6% from July 2011.
  • Prices were up 2.6% for all Los Angeles County home sales and 4.8% for standard L.A. County deals.
  • Prices rose 2.5% in the Inland Empire for all deals and 4.3% for I.E. standard sales.

For more Orange County real estate news and happenings, follow Cheryl on Twitter @CherylSellsOC or check her on Facebook at CherylSellsOrangeCounty.

Cheryl Marquis has been an active and successful real estate agent in South Orange County, California for more than 25 years. As a TOP PRODUCER in her company, Cheryl has received the specific accreditation of a Certified Relocation Specialist (CRS) and Accredited Buyers Agent (ABR) and is a member of the Who’s Who of Luxury Real Estate, a select network of the world’s leading luxury home agents. Cheryl is a member of C.A.R. (California Association of Realtors), N.A.R. (National Association of Realtors) and O.C.A.R. (Orange County Association of Realtors). To talk to Cheryl about buying or selling a home in Orange County, call her at 949.683.1501 or visit her online at www.CherylSellsOC.com.