May home prices continue to climb in SLO County

San Luis Obispo County’s median home price rose in May to $515,000 — up 7.3 percent from the same month a year ago — and the overall number of home sales rose slightly.

Total sales — including new homes, resale single-family homes and condos — were 406 in May, up 3 percent from the same month a year ago, when 394 units were sold, according to Irvine-based data company CoreLogic.

The overall median home price rose 7.3 percent to $515,000 in May from $480,000 a year earlier.

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.

CoreLogic does 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 410,090 units in May, down 3.2 percent from May 2015.

The association reported the median price of a resale single-family detached home in California was $518,760 in May, 6.3 percent higher than the revised $487,960 recorded in May 2015.

In San Luis Obispo County, about 75.1 percent of all sales in May were resale single-family homes, according to CoreLogic. Resale single-family home sales increased 1 percent to 305 units sold in May from the year-earlier month; the median price of these resale homes rose by 9.1 percent to $535,000.

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

The number of condos sold in the county was 57 units, up 11.8 percent from 51 in May 2015. The median price for condos was $385,000, up 9.2 percent from a year ago.

Sales of new homes increased by 7.3 percent in May, with 44 units sold, compared with 41 the previous year. The median price of new homes sold increased by 2.8 percent year over year to $569,750.

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