San Luis Obispo single family home sales were higher in June reports California Association of Realtors. In June 2012 the median price of a home was $387,500 compared to $382,470 in May and $364,759 in June 2011. Sales of existing homes increased 9.7% from a year earlier but were down 13.8% from May 2012.
Another key metric, time on the market – also improved in June in SLO County.It took an an average of 42 days to sell a home in June 2012 -down from 42.2 days in May and 59.7 days in June 2011.
SLO County appears to mirror the state trends that also show a improving housing market in June 2012.
Statewide
California’s housing market continued to show signs of improvement in June, as home sales experienced solid gains annually and home prices reached their highest level since August 2010, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said.
“Although home sales throughout the state continued to improve compared with a year earlier, we did see a modest dip compared with May,” said C.A.R. President LeFrancis Arnold. “Potential home buyers are frustrated by limited number of homes on the market for sale and growing discouraged by signs that the economy is slowing.”
Closed escrow sales of existing, single-family detached homes in California declined 8.6 percent from May’s revised 567,330 to a seasonally adjusted annualized rate of 518,460 in June, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. June sales rose 8.5 percent from June 2011’s revised 478,040 pace. The statewide sales figure represents what would be the total number of homes sold during 2012 if sales maintained the June pace throughout the year and is adjusted to account for seasonal factors that typically influence home sales.
Home prices continued to improve, with the median home price posting both month-over-month and year-over-year gains for the fourth consecutive month. The statewide median price of an existing, single-family detached home was $320,540 in June.
Builder Confidence Rises Six Points in July
Builder confidence in the market for newly built, single-family homes rose six points to 35 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for July, released this week. This is the largest one-month gain recorded by the index in nearly a decade, and brings the HMI to its highest point since March of 2007.
“Builder confidence increased by solid margins in every region of the country in July as views of current sales conditions, prospects for future sales and traffic of prospective buyers all improved,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “This is greater evidence that the housing market has turned the corner as more buyers perceive the benefits of purchasing a newly built home while interest rates and prices are so favorable.”
City of San Luis Obispo Bed Tax Up in May
San Luis Obispo’s transient occupancy tax (TOT) revenues for May 2012 were up by 3.2% from the same month last year and up by 7.5% year to date. These results continue the trend of improved TOT revenue but with the smallest year over year increase of the last six months. The Hampton Inn and Suites, located at 1530 Calle Joaquin, officially opened its 84 room hotel at the end of May.