Do you have new neighbors in Yakima? Home sales still hot
Despite a struggling economy and rising consumer prices, more and more people are buying homes in Yakima. According to Cory Bemis, owner of Yakima’s John L. Scott Real Estate, the Yakima market continues to see gains across the board.
Bemis says sales so far this year are already higher than 2021
Bemis reports that 130 homes were sold in total in February 2022. This is an increase of 12% from the 116 homes sold in February 2021 and 24% from the 105 homes sold in February 2020. There had 302 houses in total. sold in 2022 since the beginning of the year. He says that’s a 30% increase from 2020 and 2021.
Bemis released its local housing forecast in December 2021
Bemis released its housing forecast for 2022 in December last year. Bemis said while he expects interest rates to rise this year, they will still be at historic lows, giving more people the opportunity to become homeowners. According to MortgageNewsDaily.com, 30-year fixed rate mortgages are averaging 3.96% interest right now. This is 0.06% more than last month and 0.67% more than a year ago.
As stated earlier, the local market has seen increases for years
Colder weather and snow did not deter the market in January. Bemis says the median 2022 home sale price in January was $320,000. This is a 3% increase from last year, when the median price was $310,000. Many people moved into new homes in January. A total of 171 homes were sold in January 2022, a 48% increase from the 115 homes sold in January 2021.
Bemis expects a lot of new owners in Yakima this year
Bemis says if last year and the year before were any indication, the market will continue to see record sales and growth in 2022.
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