Numbers Down But Better Sales in Yakima Housing Market This Fall
Lots of challenges in the real estate market and Yakima isn't shielded from the downturn in sales according to Cory Bemis, owner of Yakima's John L. Scott Real Estate. Bemis says the current median home price is at $340,000 which is a 3% decrease from this same time last year.
SALES ARE DOWN THIS MONTH AND FOR THE YEAR
Bemis says there's more decreases in home sales which were down 21% in August. 179 homes were sold in August compared to the 227 homes that sold in August of 2022.
All total 1,103 homes have sold in the county this year representing a 23% drop in sales from last year and a 20.5% drop from 2021.
HOME SALES UP THIS FALL DROPPING THIS WINTER
Bemis says as we move into the fall he expects home sales to rise while pending sales should remain steady through September and October.
However Bemis says homes sales will likely drop during the winter months, while the number of new listings will also slow down.
IF INTEREST RATE DROP HOME SALES WILL RISE
"This is a common trend in the Yakima market year after year, and will likely happen again unless there are significant changes to interest rates over the next few months."
30-year fixed rate mortgages are averaging a 7.33% interest as of September 6th according to MortgageNewsDaily.com. This is 0.30% higher than 1 month ago (7.03%), and 1.08% higher than 1 year ago (6.25%).
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