SLO County home sales decline, but median price rises in May

kleslie@thetribunenews.comJune 24, 2014 

The total number of homes sold in San Luis Obispo County — including new homes, resale single-family homes and condos — once again fell year over year in May, while the median price continued to increase for the 25th month in a row.

In May, 363 homes sold in the county, a 9.3 percent decrease from the year-earlier period when 400 units sold, according to DataQuick of San Diego.

The median price of those homes increased 9.4 percent to $460,000 — the highest point for May since 2007, when the median price reached $540,000.

The median is the midpoint at which half of the houses sold for more and half for less. Figures are compared year-over-year because of the seasonal nature of home sales.

California as a whole reported a similar trend in May — higher median home prices and a decline in sales volume — for the eighth consecutive month.

Statewide, home sales fell by 14.4 percent to 37,734 total units in May, compared with 44,087 in the same month a year earlier. The median home price increased 13.5 percent to $386,000.

In San Luis Obispo County, 77.4 percent of the homes sold in May were resale single-family homes.

The number of resale single-family home sales was 281, down 13.5 percent year-over-year. The median price of those resale single-family homes grew 7.9 percent to $470,000, also hitting its highest point since May 2007.

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 decreased 2.1 percent year-over-year, with 47 units sold in May. The median price rose 16.9 percent to $339,000.

The new home sales category was the only one to post sales volume growth in May, with the number of new homes sold increasing to 35. The median price of a new home increased to $563,500, up 25.9 percent from the same month last year.

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