Yakima Home Sales Up 2% as Summer Market Heats Up

As summer sizzles on, potential home buyers in Yakima are being urged to consider the warmer months as an ideal time to purchase a new home before colder weather sets in this fall.

HOME SALES AND PRICES ARE UP THIS MONTH

Cory Bemis, owner of Yakima's John L. Scott Realty and the President of the Yakima Association of Realtors for 2024, has highlighted a significant shift in the local real estate market. The median home sales price in Yakima currently stands at $350,000, reflecting a 4.17% increase from $336,000 at the same time last year. July saw a notable uptick in activity, with 171 homes sold, representing a 2% rise compared to last year.

IF YOU'VE BEEN WAITING FOR INTEREST RATES TO FALL

Strategically, Bemis notes that dropping interest rates could be a game-changer for prospective buyers. As of August 5th, the average 30-year fixed mortgage rate has fallen to 6.34%, the lowest level in 16 months. This marks a decrease of 0.69% from one month ago, and the same decrease from a year prior when rates reached 7.03%.

A DROP IN INTEREST RATES MEANS MORE AFFORDABLE PAYMENTS

“This half of a percent drop reduces the monthly mortgage payment for the average home by more than $100,” says Bemis. “That $100 per month translates to a purchasing power increase of nearly $16,000 in terms of home price.” He emphasizes that buyers who have been patiently waiting for a favorable moment may now find the conditions ripe for home purchasing.

WILL YOU BE IN THE MARKET FOR A HOME ANYTIME SOON?

Looking forward, Bemis expresses optimism for the coming months. He anticipates that if interest rates remain low, there will likely be a surge in home buying activity and escalating home values. “This fall could very well end up being the best time to sell your home in the past couple of years,” he asserts. For those seeking to make a move, Bemis and other local real estate professionals encourage potential buyers to take advantage of the current market dynamics before the chill of winter arrives.