Despite Challenges The Yakima Home Market is Still Strong
Are you in the market for a new place to live in Yakima? The Yakima real estate market is still seeing lots of buyers and sellers despite rising mortgage rates. Cory Bemis, owner of Yakima's John L. Scott Real Estate says as of today, there are 302 active residential listings and 295 pending/contingent residential listings on the market in Yakima. Bemis says just twelve months ago, there were only 185 active listings and 413 pending/contingent listings. He says while it's still a sellers market based on the current supply and demand it's beginning to shift to a balanced market.
The market is still seeing a lot of increases
While that shift is underway the median home sales price in Yakima continues to increase now at $349,597. That's an 11 percent increase from last year at this time when the median sale price was $315,000. Other increases? 1,024 homes have sold so far this year which is an 8.2 percent increase from last year. There is one decrease. Bemis says 199 homes sold in June which is a 9.5% decrease from the 220 homes that sold in June of 2021.
Mortgages are on the rise but people are still buying homes
30-year fixed rate mortgages are averaging a 5.65% interest rate which is 0.15% higher than one month ago, and 2.52% higher than one year ago.
Bemis says however rising mortgage rates aren't discouraging some buyers who would rather be homeowners rather than paying rent each month.