SLO County's median home price rises to $434,500 in October

Fewer homes sold in San Luis Obispo County in October, but the median price of those homes continued to rise.

The total number of homes sold in San Luis Obispo County — including new homes, resale single-family homes and condos — was 323 last month, down 6.1 percent from the same month in 2012, according to DataQuick of San Diego.

That ended a seven-month streak of increasing year-over-year home sales, and is only the second time since January 2012 that sales have decreased year over year.

Despite the decrease in sales volume, the overall median home price increased 20.7 percent to $434,500 in October — the highest median price for that month since 2007.

This also marked the 18th consecutive month in which the median homes sales price has increased year over year.

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.

Statewide, sales fell by 7.1 percent to 36,468 total units sold, with the median home price increasing 25.3 percent to $357,000.

In San Luis Obispo County, some 76.7 percent of the homes sold were resale single-family homes, though those sales fell 16.8 percent to 248.

The median price of these resale single-family homes grew 15.5 percent to $439,000 — also hitting its highest point since October 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 fell year over year with 37 units sold in October, but the median price rose 11.3 percent to $334,000.

Sales of new homes in October increased by 375 percent year over year, with 38 being sold compared with only eight in the same month in 2012.

The median price of a new home increased by 52 percent from the same month last year to $466,000.