San Luis Obispo County home prices rise, sales drop in July
San Luis Obispo County’s median home price rose 8.5 percent to $530,000 in July versus $488,500 a year earlier. Yet the total number of home sales dropped 12.5 percent, reflecting the continued tight inventory.
Total sales — including new homes, resale single-family homes and condos — were 405 in July, compared with 463 units sold in the same month a year ago, according to Irvine-based data company CoreLogic.
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.
The California Association of Realtors reported that closed-escrow sales of existing, single-family detached homes in the state totaled 415,840 units in July on a seasonally adjusted annualized rate, down 5.1 percent from July 2015. The statewide sales figure represents what would be the total number of homes sold during the year if sales maintained the July pace, according to the association.
The association reported the median price of a resale single-family detached home in California was $509,830 in July, 3.9 percent higher than the revised $490,780 recorded in July 2015.
In San Luis Obispo County, about 77.3 percent of all sales in July were resale single-family homes, according to CoreLogic. Resale single-family home sales decreased 13.3 percent to 313 units sold in July from the year-earlier month. The median price of these resale homes rose by 8.4 percent to $545,500.
CoreLogic also 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 51 units, up 13.3 percent from 45 in July 2015. The median price for condos was $395,000, up 8.9 percent from a year ago.
Sales of new homes decreased by 28.1 percent in July, with 41 units sold, compared with 57 the previous year. The median price of new homes sold decreased by 1.7 percent year over year to $562,000.
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This story was originally published August 29, 2016 at 9:00 PM with the headline "San Luis Obispo County home prices rise, sales drop in July."