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San Luis Obispo Median Home Price Hits $600kSunday, May 28, 2006In San Luis Obispo, the median home price rose nearly 12% from this time last year to $599,360, while sales decreased by 33%.The median price of an existing home in California increased 10.2 percent in April and sales decreased 21.4 percent compared with the same period a year ago, the CALIFORNIA ASSOCIATION OF REALTORS(R) (C.A.R.) reported today. "Sales fell this year compared with April 2005 when they hit the second-highest monthly pace on record. Concerns about the likelihood of future interest rate increases continue to influence the market," said C.A.R. President Vince Malta. "While still near their historic lows, mortgage interest rates are at their highest level since June 2002 for fixed-rate mortgages, and August 2001 for adjustable-rate mortgages." Closed escrow sales of existing, single-family detached homes in California totaled 516,960 in April at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR(R) associations statewide. Statewide home resale activity decreased 21.4 percent from the 658,060 sales pace recorded in April 2005. Tags: San Luis Obispo Central Coast Real Estate |
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