Report: Home sales and median home prices in Southern California on the rise

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Homes sales in Southern California continued to trend upward, with sales reaching their highest levels in nearly 15 years, according to the Orange County Register.

The Register reported that 70% of homes are selling over the listed asking price, with the median price of a single-family home Southern California reaching $680,000.

Irvine-based property analysis company CoreLogic was quoted by the Register in reporting that June home sales broke 27,000, the largest amount of homes sold in Southern California since August 2006.

According to the Register, experts – including lender Freddie Mac – predict prices will rise as much as 12% though the rest of the year.