Yakima Home Sales Price Up But Sales Down in October
As Yakima residents struggle in a tough economy the price of a home is on the rise while the number of homes sold is down from last year.
According to Cory Bemis owner of Yakima's John L. Scott Realty the Median Homes Sales Price in Yakima is currently up 9% from last year at $350,000.
A notable decrease in sales happened last month
Bemis says 177 homes sold in October which is a 24% decrease from the 233 homes that sold in October of 2021.
All total there have been 1,814 homes sold in 2022 which Bemis says is a 2.3% decrease from last year when 1,856 homes were sold.
What's causing the decreases? Many experts say it's the cost of borrowing money.
Currently 30-year fixed rate mortgages are averaging a 7.29% interest rate according to MortgageNewsDaily.com. That's 0.34% higher than one month ago, and 4.20% higher than one year ago.
Bemis says both buyers and sellers are making deals
Bemis says "The last 2 months have seen homes sell for 97% and 96% of their asking prices respectively. The months of March-July were each between 100%-101%.
This stat tells us that sellers are now accepting offers at 3-4% below their asking price, and buyers are making offers 3-4% below the asking price that are being accepted by sellers.
The home sales price peaked in July
Last month Bemis told KIT News "the monthly median sales price peaked in July at $375,000. It dipped to $357,000 in August, and fell further to $330,000 in September. $330K is the lowest monthly median sales price we have had since January of 2022, when the median was at $322,500."