The median price of homes sold in San Luis Obispo County — including new homes, resale single-family homes and condos — rose year-over-year in July, while the total number sold fell once again.
Last month, the median price rose 8.2 percent to $451,000, the highest point for July since 2008, according to DataQuick of San Diego. 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.
The total number of homes, however, fell by 17.6 percent year-over-year to 360 homes sold in the county in July.
California reported an almost identical trend in July — the median home price increased by 8 percent year-over-year to $393,000, while the total number of homes sold decreased by 8.7 percent to 39,608 units sold.
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In San Luis Obispo County, 73.3 percent of the homes sold in July were resale single-family homes.
The number of resale single-family home sales was 264, down 22.6 percent year-over-year. The median price of these homes grew 6.6 percent to $475,000, hitting its highest point since July 2008.
DataQuick also tracks sales of condos and new homes, although those categories are subject to large swings because the numbers are so small.
Sales of condos decreased by 1.8 percent in July, with 54 units being sold, compared with 55 the year earlier. The median price of those homes decreased to $407,500, down 9.3 percent from July 2013.
The new home sales category was the only one to post sales volume growth in July, with the number increasing 2.4 percent year-over-year, with 42 units sold. The median price fell 9.3 percent to $407,500.