The city made famous by the song sung about it by country music legend Johnny Cash, Folsom, California, is a city in the Sacramento region. It's a mostly upper-class area, with a 2007 median household income for residents of around $87,000. The market for Folsom real estate, like so many other Sacramento real estate markets, has felt its share of pain since the financial crisis began to grip America and housing markets across the country began to fall.
According to statistics from the Sacramento Association of Realtors, which regularly compiles sales figures and numbers, in August, there were 51 homes sold here. This was a decline from 68 in July and a decline from 64 a year ago. So far this year in the first eight months, there have been 438 homes sold in Folsom. Of the 51 August sales, eight were short sales, 10 were repo homes and 33 were conventional homes for sale in Folsom closed.
The median sales price for homes sold in Folsom in August was $350,000, down from $377,500 last month and down from more than $454,000 a year ago. The median price for conventional homes sold was $371,500, while the median price for foreclosures in Folsom was $278,000. The number of new homes listed in August was 68, down from 81 in July and 79 a year prior. The total number of inventory stood at 246 in August, down from 267 in July and 277 in August 2009.
The monthly median listing price, meanwhile, was $419,000, up from July's $412,400 but down from a year ago, when the figure was $479,000. The median listing price for all listings in Folsom in August was $429,900, down slightly from $431,375 in July, and down substantially from one year prior, when the figure stood at more than $479,400.