Yakima Home Sales Surge in September with 17% Increase

Yakima home sales are on the rise this fall with home sales rebounding significantly in September. The year-to-date median home sales price now stands at $350,000, reflecting a 3% increase from $340,000 at the same time last year.

HOME SALES ARE UP IN THE YAKIMA AREA

Cory Bemis, owner of Yakima's John L. Scott Reality says in September alone, 163 homes sold in Yakima, marking a substantial 17% increase from the 139 homes sold in September 2023. Overall, year-to-date total home sales reached 1,272 in 2024, a 2.3% uptick from the 1,244 homes sold during the same period in 2023.

INTEREST RATES ARE MORE TOLERABLE THESE DAYS

What's driving sales?
According to MortgageNewsDaily.com, the average interest rate for 30-year fixed-rate mortgages is currently at 6.62%, up 0.35% from 6.27% just a month ago but down 1.19% from last year's high of 7.81%. Despite a recent rise in interest rates following a federal announcement of a rate cut, the lower rates earlier in September contributed to heightened real estate activity.

THAT'S A LOT OF HOMES SOLD LAST MONTH

Bemis says September witnessed the highest monthly volume of new listings since August 2022, with 253 properties entering the market. Additionally, 186 homes have pending sales, the highest number within the past year and second only to July 2023’s figure of 187 pending sales.

BETTER BUY NOW BECAUSE IT'S A BUSY NEXT COUPLE OF MONTHS

Bemis says the surge in activity is expected to drive an increase in home sales over the coming months, with market analysts predicting that home values will remain stable as the rise in pending listings balances the influx of new properties.
He says current active listings are at their highest levels in seven years, setting the stage for a vibrant fall in the Yakima real estate market, contingent on interest rates staying within the lower six percent range.