Want to Buy a Home in Yakima? Better Hurry Up and Find What You Want
Home sales remain strong in Yakima just like they've been throughout the past year. If you are in the market to purchase a home your choices are limited only by how much you want to spend.
THE AVERAGE HOME SALE PRICE IS UP 18.22% FROM 2020
Cory Bemis owner of Yakima's John L. Scott Real Estate says the median price for a home in Yakima continues to rise. Currently the median price is $318,000 which is an 18.22% increase from last year when the price was $269,000.
218 HOMES SOLD IN YAKIMA JUST LAST MONTH
Bemis says there are increases across the board. He says 218 homes sold in the month of July, an 0.5% increase from the 217 homes sold in July of 2020 during the pandemic. It's also a 7.5% increase from the 187 from the 187 homes that sold in July of 2019.
Bemis says the demand remains strong throughout the year. 1,155 homes have sold so far this year which is an 11.6% increase from 2020 when
1,035 homes were sold in Yakima. As a comparison to the peak bubble years as Bemis calls them, in 2006 and 2007, there were 1,090 and 1,109 homes sold during this same time period.
LOW MORTGAGE RATES ARE PART OF THE REASON FOR THE RISE IN SALES
So what's driving this surge in the home market in Yakima and around the country?
For some it's the cost of a mortgage. 30 year fixed rate mortgages are averaging a 2.85% interest rate right now according to MortgageNewsDaily.com down from 3.03% from last month.
Bemis says "there are currently 426 pending/contingent homes listed for sale (24 more than 1 month ago) and 179 available listings (down from 188 a month ago)."