SLO County home prices continue to rise in June

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 June while the median price continued to rise. Last month, 341 homes were sold in the county, down 7.1 percent from the year-earlier period when 367 units sold, according to DataQuick of San Diego.

The median price of those homes increased 10.8 percent to $460,000 — the highest point for June since 2008, when the median price reached $465,000.

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 reported a similar trend in June — higher median home prices and a decline in sales volume — for the ninth consecutive month. Statewide, home sales fell by 4.3 percent to 39,254 total units in June, compared with 41,027 in the same month a year earlier. The median home price increased 11.6 percent to $393,000. In San Luis Obispo County, 77.4 percent of the homes sold in June were resale single-family homes.

The number of resale single-family home sales was 264, down 8.3 percent year-over-year. The median price of these homes grew 12.8 percent to $485,000, hitting its highest point since June 2007.

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 new homes decreased by 33.3 percent in June, with only 24 units being sold, compared with 36 in the year-earlier month. The median price of those homes increased to $484,500, up 15.6 percent from June 2013. The condo sales category was the only one to post sales volume growth in June, with the number increasing to 23.3 percent year-over-year, with 53 units sold. The median price rose 2.7 percent to $340,000.