Home prices, number of houses sold in SLO County rise in August

kleslie@thetribunenews.comSeptember 17, 2013 

The total number of homes sold in San Luis Obispo County — including new homes, resale single-family homes and condos — reached its highest point in August since before the recession. The overall median home sale price rose, too, to $425,000.

Three hundred and eighty-seven homes were sold in the county in August, compared with 330 a year earlier, according to DataQuick of San Diego.

That’s the most sold in the month of August since 2005, when 617 homes were sold. The next year, the number of total sales fell by 59.3 percent and stayed low throughout the recession, before beginning a rebound in 2011.

The overall median home sale price in San Luis Obispo County increased 18.1 percent in August from the year-earlier period to $425,000, marking the 16th consecutive month in which it rose year over year. That’s 24.8 percent lower than the peak August median of $565,000 in 2006.

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.

About 79 percent of the homes sold were resale single-family homes. Those sales grew 6.6 percent year-over-year to 305, and their median price grew 18.3 percent to $431,750.

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

Condo sales rose 51.4 percent year over year to 53 units in August, and the median price rose 19.4 percent to $345,000.

Sales of new homes in August more than tripled year over year, with 29 being sold compared with nine in the same month in 2012. The median price of a new home decreased by less than 1 percent from the same month last year to $442,750.

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