SLO County home sales, median price rise in July

Souce: DataQuick Information Systems
Souce: DataQuick Information Systems newsroom@thetribunenews.com

The total number of homes sold in San Luis Obispo County and the median price both rose this July compared with the same month last year.

It marked the sixth consecutive month in which home sales grew compared to the same month of 2011. It is the third consecutive month that median prices have grown year over year, following a trend of mostly shrinking year-over-year prices that broke this May.

Home sales overall grew 14.6 percent year over year to 369, according to the Southern California-based firm DataQuick, an independent real estate tracker. In July 2011, home sales had grown to 322, a 34.7 percent increase over July 2010.

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

This July, the median price for all homes grew 10.6 percent over the previous year, rising to $365,000. In July 2011, prices had fallen 13.2 percent to $330,000, down from $380,000 in July 2010.

The median is the midpoint of home prices, where half of the homes sold for more and half for less. DataQuick recorded a peak median of $585,000 in June 2006.

Eighty percent of the homes sold in July 2012 were resale single-family homes, although DataQuick also tracks sales of condos and new homes.

Resales of single-family homes grew 9.2 percent year over year to 296. The median price grew 19.4 percent to $400,000 from $335,000 in July 2011.

This July, sales of new homes grew 109.1 percent to 23 homes, compared with 11 the year before. The median price for new homes in July, at $120,000, was 66.1 percent lower than the year before. Condo sales grew 25 percent year over year to 50 homes in July, and the price grew 40.3 percent to $301,500.

However, the new homes and condos percentages are subject to large swings because their sales numbers are so small.