The Campbell housing market, a subsidiary of the larger San Jose and Santa Clara County real estate markets, faced a mixed picture in the most recent tracking period, as local experts predicted marginal increases in sales and median price. According to an October 11, 2010 report from the San Jose Mercury News, “Due to a weak economic recovery, California home sales for 2010 will most likely decline, but home sales are expected to pick up slightly in 2011, according to the California Association of Realtors' "2011 California Housing Market Forecast." The group's forecast was released last week and states California home sales for 2010 are expected to decline 10 percent from the 2009 sales figure of 546,500 homes sold. Home sales in 2011 are then projected to increase slightly by 2 percent to 502,000 units compared with a projected 492,000 units in 2010. After two consecutive years of record-setting price declines, the median home price in California is projected to climb 11.5 percent this year to $306,500, and then increase another 2 percent in 2011 to $312,500. The report indicates minor improvement in the housing market in 2011 will be driven by the slow pace of recovery in the economy and modest job growth. Officials are positive about next year's market, but continue to note the movement back to a vibrant housing market will take time.”
Campbell homes for sale, as well as other homes for sale in San Jose, are still reacting to the expiration of the federal housing tax credit, according to an October 4, 2010 article also from the San Jose Mercury News. This piece noted that “The statewide median home price posted its 10th consecutive year-over-year gain in August. The median price of an existing, single-family detached home sold in August 2010 was $318,660, an 8.6 percent increase from $293,400 in August 2009, and up 1.2 percent compared with July's $314,850 median price. In Santa Clara County, August home sales fell 11 percent from the previous month and were down 13.7 percent from August 2009, but the median price for an existing, single-family home continued to rise. The August median home price was $633,250, up half a percent from the previous month and up 14 percent from the previous year.”
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