Despite challenges, Yakima’s home market is still strong
Are you looking for a new place to live in Yakima? The Yakima real estate market is still seeing many buyers and sellers despite rising mortgage rates. Cory Bemis, owner of John L. Scott Real Estate of Yakima, states that to date there are 302 active residential listings and 295 pending/contingent residential listings on the market in Yakima. Bemis says that just twelve months ago there were only 185 active rosters and 413 pending/contingent rosters. He says that while it is still a seller’s market based on current supply and demand, it is starting to move towards a balanced market.
The market still sees many rises
While this shift is underway, the median home sale price in Yakima continues to rise to $349,597. That’s an 11% increase from the same time last year when the median selling price was $315,000. Other increases? 1,024 homes have been sold so far this year, an increase of 8.2% over last year. There is a decrease. Bemis says 199 homes were sold in June, down 9.5% from the 220 homes sold in June 2021.
Mortgages are rising, but people are still buying homes
30-year fixed rate mortgages have an average interest rate of 5.65%, 0.15% higher than a month ago and 2.52% higher than a year ago .
Bemis says, however, that the rise in mortgage rates is not discouraging some buyers who would rather own property than pay rent each month.
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