The Milpitas housing market, a subsidiary of the larger Santa Clara County, Silicon Valley, and Bay Area real estate markets, faced mixed signals in the most recent tracking period. The Silicon Valley region in particular seems to have picked up some steam despite disappointing value valuations. A July 15, 2010 article from the San Jose Mercury News stated that “It's still a trickle — the number of Bay Area homes sold last month inched up from May, while still falling short of a year ago. But the median price of the previously owned, single-family homes that changed hands in Santa Clara County was $600,000, up 23.7 percent from June 2009 and 2.5 percent from May 2010, according to figures released Thursday by MDA DataQuick. That was the highest since July 2008, when the county's median house price was $646,500. San Mateo County showed an 8.4 percent jump from June 2009, from $599,500 to $650,000. But while Realtors report a return to stability in the market, there are crosswinds, as well. On one hand, the impact of the now-expired federal homebuyer tax credits continues to fade, adding a drag to homebuying activity. At the same time, the price jump was helped by fewer foreclosures re-selling and more action at the big-money end of the market. While recent reports show an increase of foreclosures at the high end of the market, there are more non-foreclosure sales of expensive houses as well, said DataQuick President John Walsh.”
However, Milpitas houses for sale continue to drop in property value, which has both positive and negative aspects. On the one hand, it signals that the recession continues to have negative effects, while on the other it means that housing is more affordable. According to KLIV 1590 News, “The effects of the recession continue to be felt here in Santa Clara County. New numbers from the assessors office find that over the past year, the net assessed value of all real and business property declined by 2.43 percent or $7.4-billion dollars. Assessor Larry Stone says the pain was felt across 14 of the county's 15 cities, with Palo Alto being the exception. Stone says that if there is any silver lining, it's that home prices are more affordable now, than they've been in a decade.”