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SLO County’s median home price hits $510,000 in January

New homes under construction at Trilogy at Monarch Dunes in Nipomo in October 2016. According to new data released, the median home price was $510,000 in January, up from $497,000 a year earlier.
New homes under construction at Trilogy at Monarch Dunes in Nipomo in October 2016. According to new data released, the median home price was $510,000 in January, up from $497,000 a year earlier. jjohnston@thetribunenews.com

The median home price and overall home sales in San Luis Obispo County rose in January compared with the same month a year ago.

The median home price was $510,000, up from $497,000 a year earlier.

Total sales — including new homes, resale single-family homes and condos — reached 303 in January, an increase of 10.6 percent from the 274 units sold in January 2016, according to the Irvine-based data company CoreLogic.

The median is the midpoint, meaning 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.

In San Luis Obispo County, 78.2 percent of all sales in January were resale single-family homes, according to CoreLogic. Resale single-family home sales increased 13.4 percent to 237 units in January. The median price of these resale homes decreased by 2.5 percent to $516,500.

CoreLogic also monitors sales of condos and new homes, though percentages on those are subject to large fluctuations because the number of sales is relatively small.

Thirty-seven condos were sold in the county, up 19.4 percent from January 2016. The median price for condos was $375,000, down 3.7 percent from last year.

Sales of new homes decreased by 14.7 percent in January, with 29 units sold, compared with 34 the previous year. The median price of new homes sold decreased by 9.3 percent year over year to $571,000 from $629,750.

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