A total of 57 homes sold in the city of Folsom this August as compared with 68 last August. That shows a unit volume drop of 16.2% year over year. Of these, 12 were foreclosure sales (a gain of 33% year over year), 9 were short sales (no change) and 36 were non-distressed properties (a drop of 28% year over year). One wonders if the so-called shadow inventory finally made it on to the market to renew homebuyers’ interest in REOs this month.

Average sold price per square foot is currently $179.32 – a drop of 8.9% from $196.91 last August. Interestingly enough, homebuyers also bought homes on average 12.5% smaller than they did last August. Average sales price is $368,475 down 20.3% year over year from a high of $462,287. However, keep in mind that the price per square foot is more accurate a measure than the average sales price. Median sales price rests at $340,000.

Overall inventory is at 5.5 months based on the last year of sales and 5 months based on the last 6 months of sales. Foreclosure inventory is at 1.2 months no matter how you look at it.

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