Yakima Home Prices Rise 4.41% Amid Surge in Sales
If you're in the market to buy or sell a home in Yakima there's good news according to Cory Bemis, owner of Yakima's John L. Scott Real Estate. Bemis says the year-to-date median home sales price in Yakima has reached $355,000, reflecting a 4.41% increase from last year's figure of $340,000. This uptick comes amid a positive sales environment, with 160 homes sold in October 2024, marking an 8% rise from the 148 homes sold in October 2023.
THAT'S A LOT OF HOMES SOLD SO FAR THIS YEAR
According to an email from Bemis overall, a total of 1,432 homes have changed hands in 2024, representing a 3% increase from the previous year's total of 1,392 homes. Despite a healthy increase in sales, Bemis says the housing market is navigating challenges posed by rising mortgage interest rates.
THE RATES ARE TOLERABLE FOR HOME BUYERS
As of November 5, 2024, the average rate for a 30-year fixed mortgage stands at 7.05%, which is 0.52% higher than the previous month when rates dropped to a 19-month low of 6.53%. However, it's worth noting that current rates are 0.33% lower than the average recorded one year ago, which was 7.38%.
THE RATES HAVE BOOSTED THE LOCAL MARKET
Bemis says the Yakima housing market enjoyed a boost during the three-month period when mortgage rates hovered in the 6% range. "We saw not only an increase in the total number of homes sold but also significant gains in sale prices, with a 9% rise in the median sales price and a 13.5% increase in the average sales price in October compared to October 2023," he noted. This surge contributed to an overall 1.5% increase in the year-to-date median sales price.
MORE HOMES MEAN MORE CHOICES FOR HOMEBUYERS
Though total sales have shown an upward trend, Bemis points out that there are currently more homes actively for sale in Yakima compared to the first eight months of the year. He anticipates that the supply of homes will remain stable through the late fall and winter months, as long as interest rates persist in the 7% range. However, he also noted that this time of year typically sees fewer new listings compared to the spring and early fall periods.
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