Buying or Selling a Home in Yakima? It’s Still a Hot Market!
Despite growing inflation, the Yakima real estate remains hot with increasing sales says Cory Bemis owner of Yakima's John L. Scott Real Estate.
The market continues to see increasing sales that could soon level off
He says if you're in the market to buy or sell a home "prices will continue to rise throughout the spring (maybe as much as 1% per month), and then interest rates will finally start to have an impact and the demand will slow down. Prices should level off and remain flat throughout the rest of the year. Of course, all of this could change depending on significant changes to interest rates or other outside market influences."
The median home sales price in Yakima is up 9.5% over last year
The current median home sales price in Yakima is currently $328,750 which Bemis says is a 9.5% from this time last year when the median price was $300,000.
Sales were strong in March of this year when 158 homes sold. 159 homes were sold in March of last year. All total, 462 homes have sold so far this year in Yakima representing a 18.5% increase in sales from last year. A lot more homes are expected to be sold, says Bemis before things begin to level off.
Mortgage rates could impact sales in the future
30-year fixed rate mortgages are averaging a 5.25% interest rate right now according to MortgageNewsDaily.com. That's 1.29% higher than last month, and 2.02% higher than one year ago. Bemis cays look for the rise in interest rates to continue as the Fed looks to reduce demand, and in turn, slow down inflation.
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