Mid-Summer Movement: Yakima Home Prices Rise Despite Slower Sales in June

It's mid summer and it's time to move? If you're looking for a new home Yakima home sales saw a slower June but the median price of a home is on the rise.

FEWER HOMES WERE SOLD LAST MONTH THAN JUNE OF 2023

According to Cory Bemis, owner of Yakima's John L. Scott Reality there was a slight decline in home sales for June 2024, with 157 homes sold, a 7% decrease from the 169 homes sold in June 2023. Bemis says however, the median home sales price has continued to rise, reaching $349,250 as of mid-year, a 2.72% increase from the same period last year.

DESPITE THE CHALLENGES PEOPLE ARE BUYING HOMES IN YAKIMA

Year-to-date, the total number of homes sold in 2024 stands at 786, a 4% increase from the same period last year. Bemis says despite the slower pace of sales in June, the median home price remains strong, reflecting a continued demand for housing in the Yakima area.

MORTGAGE RATES ARE LOWER AND THAT'S GOOD NEWS

Mortgage rates have also seen a welcome drop in recent weeks, with the average 30-year fixed rate now at 6.85%, according to MortgageNewsDaily.com. This represents a 0.31% decrease from last month and a 0.24% decrease from the same time last year. Bemis says the recent drop in interest rates could lead to increased buyer and seller activity in the coming weeks and months. He says many buyers and sellers have been waiting for interest rates to become more favorable, and rates in the sixes could be just enough to give them the push they need to make a move.

HOME VALUES ARE UP IN YAKIMA

Despite high interest rates for most of 2024, home values have still seen close to 3% appreciation, thanks to a continued shortage of inventory in the affordable to middle price ranges. Bemis says if interest rates remain below 7% for an extended period, home values will continue to increase. However, he says if inventory rises and more homes are listed for sale due to lower interest rates, this increase in supply could offset potential appreciation and result in unchanged home prices.

IF YOU'RE LOOKING FOR A HOME STAY INFORMED

Bemis says as the Yakima housing market continues to evolve, it will be important to monitor these trends and stay informed about changes in interest rates and inventory levels. With summer now underway, it's an exciting time for buyers and sellers alike to make their move and take advantage of these shifting market conditions.