Home Sales and Prices Down in Yakima As Temperatures Rise
Decreases across the board for the Yakima real estate market in June according to Cory Bemis owner of Yakima's John L. Scott Real Estate https://yakimaoffice.johnlscott.com/home. He says the current median home sales price is $340,000, a 2.75% decrease from last year when the price was $349,597. While the sales price is down the number of homes sold is also down.
DECREASES REPORTED IN SALES AND AVAILABLE HOMES
Bemis says there were 167 homes sold in June of 2023 which is an 18% decrease from the 203 homes that sold in June of 2022, and a 24% decrease from the 220 homes that sold in June of 2021.
FEWER HOMES HAVE SOLD SO FAR THIS YEAR COMPARED TO 2022
Bemis says in total 755 homes have sold this year, a 27% decrease from last year when 1028 homes sold and a 20% decrease from 2021 when 946 homes were sold. If you're in the market for a home and you need a loan, 30-year fixed rate mortgages are averaging a 7.12% interest as of July 10th according to MortgageNewsDaily.com. Bemis says that's 0.20% higher than 1 month ago (6.92%), and 1.28% higher than 1 year ago (5.84%).
Bemis says despite the downturns the market felt "calm and steady" during the month of June.
SOME PEOPLE ARE LOWERING PRICES TO SELL HOMES
"We do experience the occasional multiple offer scenario and bidding war, but we are also experiencing 10% of listings reducing their asking price every week, 1.2% average negotiations below the asking price, and an average time on market of two and a half months for all homes that have recently sold."
Bemis says the market has experienced a slow and steady rise of homes for sale over the past 4 months. "With interest rates creeping up again, we should see the number of active listings continue to rise so long as 30-year interest rates continue to average 7% or higher."
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