A research over the increasing demand of coastal residency has been found that in the month of August, the properties of Southern California has received a four times hike in the price. People are opting for the coastal residency. However, at the same time, the sales of foreclosed properties became less lucrative.

It has been reported that the median price of existing and new housing and condos reached up to the level of $309,000. As compared to last year, the rates are 10.8% higher. Besides, the sales have also received a boost of
14.2%.

Among all, Orange County had the highest median price and a very good sales report with a 20% increase. The figures of Orange County and Los Angeles were almost similar with minute differences. But, the sales of inland counties were poor because of the foreclosure properties.

Foreclosure properties were offered to the new customers at steep discount but still its sale failed to gain the momentum. DataQuick analyst Andrew LePage was reported saying, “Sellers like the speed and certainty associated with cash. It gets you to the front of the line when there are multiple offers”. The DataQuick further noted that the month of August was the busiest month for the sales of properties in the last 6 years.