SLO County's median home price rises to $390,000 in April

jhickey@thetribunenews.comMay 23, 2013 

Home prices have been on the rise in SLO County for one straight year, as April marked the 12th month in which the median price for a home was higher than the same month a year earlier.

At $390,000 in April, the median is the midpoint where half of the residences sold for more and half for less. Figures are compared year-over-year because of the highly seasonal nature of home sales.

April’s median home price was 14 percent higher than a year earlier, but still 28.4 percent lower than the peak April median of $545,000 in 2006, according to data released by DataQuick of San Diego.

The median price paid for a home in California last month was $324,000 — which is the highest for any month since the median was $328,000 in June 2008 — and up 22.7 percent from $264,000 in April 2012.

According to Dataquick, 352 homes were sold in April in San Luis Obispo County, compared with 289 a year earlier. More than 81 percent of the homes sold locally in April were resale single-family homes. Those sales grew 15.2 percent year-over-year to 288, and their median price grew 14.2 percent to $410,000.

DataQuick also tracks sales of condos and new homes, although data for those categories are subject to large swings, because the sales numbers are so small.

Condo sales rose 42.9 percent year-over-year to 50 units in April, and the median price rose 27 percent to $300,000.

Sales of new homes in April rose 250 percent year-over-year to 14 homes, compared with four new homes sold in the same month in 2012. The median price for new homes in April, at $358,500, was 39.8 percent higher than the year before.

Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and peak levels reached several years ago. Financing with multiple mortgages is low, while down payment sizes are stable, DataQuick reported.

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