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June home sales grow in SLO County as median price rises, data show

Home sales growth in San Luis Obispo County increased at a faster rate in June compared to the same month last year, while the median price rose year over year.

Sales of homes overall in June grew 7.8 percent year-over-year, according to DataQuick. In June 2011, overall sales fell 1.9 percent.

A total of 331 homes were sold in San Luis Obispo County during June, which includes all new and resale houses and condos. In June 2011, a total of 307 sold, reported the Southern California-based independent real estate market tracker.

Meanwhile, the local median price grew 10.8 percent year-over-year in June to $369,250, following the June 2011 decline of 16.8 percent, when the median price was $323,250.

Real estate sales and prices are watched because they help show a region’s economic health. Prices and sales growth affect homeowners who want to sell a house or who owe more on a mortgage than their house is worth.

During June, resales of detached single-family homes grew 8.1 percent compared to the same month in 2011. The median price of resale single-family homes grew 6 percent to $382,500 from $360,750.

Monthly residential real estate figures are compared with the same month from the prior year because of the highly seasonal nature of home sales.

Last year during June, home resales had grown 9.7 percent year-over-year, according to DataQuick. The median for the month last year had fallen 14.1 percent compared to June 2010.

Resales of detached homes represent the largest segment of the residential real estate market, comprising nearly 85 percent of homes sold in June.

Though condo sales growth was flat in June compared to the same month last year, the median price of the 36 condos sold in San Luis Obispo County grew 36.5 percent year-over-year, DataQuick reported.

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