Decreases Across The Board in The 2023 Yakima Real Estate Market

It's August and while some people have been moving into new homes, home sales in Yakima are down this summer along with the median price.

PRICES ARE DOWN FROM LAST YEAR AND NOT AS MANY HOMES ARE BEING SOLD

According to Cory Bemis, owner of Yakima's John L. Scott Real Estate says the current median home sales price is sitting at $336,000 which is a 4.0% decrease from this same time last year. Along with falling prices people aren't buying as many homes as they did last year.

HOME SALES DOWN 24% WHEN COMPARED TO LAST YEAR IN YAKIMA

Bemis says 166 homes sold in July of 2023 which is a 10% decrease from the 185 homes that sold in July of 2022, and a 25% decrease from the 222 homes that sold in July of 2021. So far this year all total 923 homes have been sold representing a 24% decrease from last year when 1,213 homes were sold.

GOOD NEWS ABOUT AVAILABLE HOMES

Bemis says despite all the decreases the number of homes currently for sale in the Yakima market has risen for the 4th consecutive month. He also says the average days on market, which was 67 days in July has been consistently decreasing each month for the past 6 months, when it peaked at 100 days in February. Bemis says even though active inventory is rising, the homes that are selling aren't staying on the market as long as they have in the past.

ARE YOU IN THE MARKET FOR A NEW HOME?

30-year fixed rate mortgages are averaging a 7.03% interest as of August 8th according to MortgageNewsDaily.com. This is 0.09% lower than 1 month ago (7.12%), and 1.77% higher than 1 year ago (5.35%).

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