The great state of California has a lot of things going for it, but housing affordability doesn’t usually come to mind as one of them.
In fact, 4 of the least affordable metropolitan areas in the country are here in California. In Los Angeles, for example, home owners pay an average of 65% of their income toward housing costs.
Looking at housing availability, affordability and growth, Nerdwallet, the consumer advisory and financial analysis company, ran the numbers on 178 California cities to determine which were best for home ownership.
As the summer winds down, it’s time to take a quick look at the Folsom housing market.
It looks like the recovery, though not over, sure has slowed down.
For 18 months, from March 2012 to September 2013, homes in Folsom were selling fast, and by last summer were averaging 16 days on market. At one point, there were only 82 homes for sale in Folsom, and multiple offers were coming in, sometimes sight unseen.
Things sure have changed. For the 7th straight month, Folsom housing inventory has been on the rise, ending July with 221 homes for sale, a 3-year high. The average days on market is currently 40.
No, it’s not time to panic. It seems to be a sort of leveling of the playing field.