2011 Economic Forecast: Continued Challenges
Wednesday, October 6, was the first day of the Fall meetings of the California Association of Realtors (C.A.R.) in Anaheim. 900 Realtors attended the 2011 housing market forecast by C.A.R. chief economist Leslie Appleton-Young, an always popular session.
We were told that the weak economic recovery has led to a projected 10% decline in 2010 California home sales when compared to 2009. This figure is predicted to increase 2% in 2011.
California median prices are forecast to increase 11.5% in 2010 to $306,500 and increase another 2% in 2011 to $312,500.
Appleton-Young expects California unemployment of 11.45% in 2011, still well above the national average. She stressed attractive buying opportunities due to affordability and “unbelievable fundamentals.”