Do you want to buy a house in Yakima? Better hurry up
Home sales remain strong in Yakima, just as they were last year. If you are in the market to buy a home, your choices are only limited by how much you want to spend.
Cory Bemis, owner of John L. Scott Real Estate in Yakima, says the median price of a home in Yakima continues to rise. Currently, the median price is $ 318,000, which is an increase of 18.22% over last year, when the price was $ 269,000.
218 HOUSES SOLD TO YAKIMA LAST MONTH
Bemis says there are increases across the board. He says 218 homes were sold in July, a 0.5% increase from the 217 homes sold in July 2020 during the pandemic. This is also a 7.5% increase from the 187 homes sold in July 2019.
Bemis says demand remains strong throughout the year. 1,155 homes have been sold so far this year, which is an 11.6% increase from 2020 when
1,035 houses were sold in Yakima. Compared to the peak bubble years, as Bemis calls them, in 2006 and 2007, there were 1,090 and 1,109 homes sold during that same period.
LOW MORTGAGE RATES ARE PART OF THE REASON FOR INCREASED SALES
So what is driving this increase in the domestic market in Yakima and the country?
For some, it’s the cost of a mortgage. According to MortgageNewsDaily.com, 30-year fixed-rate mortgages have an average interest rate of 2.85% right now, up from 3.03% last month.
Bemis says “there are currently 426 pending / contingent homes for sale (24 over a month ago) and 179 listings available (up from 188 a month ago).”
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