SLO County's median home price rises in April

With April’s numbers now in, San Luis Obispo County’s overall median home price — including new homes, resale single-family homes and condos — has posted year-over-year increases for the past two years.

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.

In April, the median home price in San Luis Obispo County increased 7.6 percent to $419,500 from $390,000; that’s the highest since April 2008, according to DataQuick of San Diego.

Although the median price rose, the total number of homes sold in San Luis Obispo County in April fell 5.4 percent year-over-year, with 333 homes sold, compared with 352 in the same month in 2013.

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

Statewide home sales fell by 2.7 percent to 37,988 total units in April, compared with 39,051 in the same month a year earlier. The median home price increased 18.2 percent to $383,000.

In San Luis Obispo County, 77.8 percent of the homes sold in April were resale single-family homes.

The number of resale single-family home sales was 259, down 10.1 percent year-over-year. The median price of those resale single-family homes grew 7.3 percent to $440,000, also hitting its highest point since April 2008.

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 18 percent year-over-year, with 41 units sold in April. The median price rose 9.3 percent to $327,750.

The new home sales category was the only one to post sales volume growth in April, with the number of new homes sold more than doubling year-over-year to 33. The median price of a new home increased to $412,150, up 15 percent from the same month last year.