Business

Home sales and median price rise again in October

Both the number of home sales and the overall median home price in San Luis Obispo County rose again in October from a year ago.

The total number of homes sold — including new homes, resale single-family homes and condos — was 406, up 9.1 percent in October over the same month a year ago when 372 units were sold, according to Irvine-based data company CoreLogic.

The overall median home price rose 12.4 percent to $492,250 in October from $438,000 a year earlier. It was lower than the $495,000 price recorded in September.

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.

Because of a change in ownership, CoreLogic did not provide data on the overall California housing market, but the California Association of Realtors reported that closed-escrow sales of existing, single-family detached homes in the state totaled a seasonally adjusted 403,510 units in October, up 1.3 percent from October 2014.

The association also reported the median price of a resale single-family detached home was $475,990 in October, 5.7 percent higher than the revised $450,460 recorded in October 2014.

In San Luis Obispo County, 74.1 percent of total sales were resale single-family homes, according to CoreLogic. Resale single-family home sales increased 2.7 percent to 301 units sold in October, while their median price rose by 19.2 percent to $518,500.

CoreLogic monitors sales of condos and new homes, as well as subcounty data on home sales in cities, though percentages on those are subject to large fluctuations because the number of sales are relatively small.

The number of condos sold in the county was 40 units, up 14.3 percent from 35 in October 2014. The median price for condos was $343,550, down 5.2 percent from a year ago.

Sales of new homes increased by 47.7 percent in October, with 65 units sold, compared to 44 the previous year. The median price of new homes sold increased by 8 percent year over year to $594,000.

Danielle Ames: 805-781-7902

  Comments