San Luis Obispo County homes prices plunge 9 percent in May
June 16, 2011
Prices of new homes in San Luis Obispo County dropped 9 percent in May from the same month a year ago even though there was a 25 percent increase in sales volume, according to the real estate research firm DataQuick.
The median sales price of a new home in SLO County was $355,000, down from $390,000 in May 2010.
Statewide, in May, home prices fell 10.4 percent and sales volume fell 13.3 percent from a year ago. The median price for a home in California was $249,000.
For all residential sales in San Luis Obispo County, the price dropped 2.9 percent from May 2010 through May 2011.
Foreclosures and short sales made up more than half of the state’s resale market in May with 35.5 percent of homes sold being foreclosures and 17.9 percent short sales, in which a bank agrees to allow a home to be sold for less than is owed on it.
Correction: The drop of 9 percent was for new home sales. For all residential sales in San Luis Obispo County, the price dropped 2.9 percent from May 2010 through May 2011.