Yakima Home Sales Still Strong This Fall
Yakima is still in a sellers market but things could change soon says Cory Bemis owner of Yakima's John L. Scott Realty. He says while the median home sales price is currently $350,000 information is changing rapidly. For example Bemis says "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."
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Bemis says with only 3 months of housing inventory available Yakima is still in a seller's market. However Bemis says the reduction in the median sales price would indicate otherwise. Currently the $350,000 median sales price is a 9% increase over last year at this time when the price was $320,000.
Home sales slowing in September but still strong
A lot of homes sold in September in Yakima but not as many as last September. 194 homes sold in September of this year compared to 236 homes sold in September of 2021, an 18% decrease.
There have been 1,634 total homes sold in 2022 Year to Date. This is a 0.7% increase from last year (1,623).
Bemis says 30-year fixed rate mortgages are averaging a 7.14% interest rate according to MortgageNewsDaily.com. That's 1.16% higher than one month ago, and 3.94% higher than one year ago.