Looking for a new home in Yakima? Sales pick up again in 2022
The past two years have been banner years for the Yakima real estate market with increases in almost every category.
Bemis knew the Yakima real estate market would be on fire again this year
Cory Bemis, owner of Yakima’s John L. Scott Real Estate, released his 2022 housing forecast 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. “Fixed loan interest rates over the last 30 years have been 6, 7, 8% or more. Even rates above 3% are incredibly competitive compared to the last five years and even five decades!”
Sales should be on fire this year and they are already hot
And even if it’s still winter, sales are still hot on the market. 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 says 30-year fixed rate mortgages have an average interest rate of 3.9% right now, according to MortgageNewsDaily.com. This is a rate 0.4% higher than 1 month ago and 1.05% higher than 1 year ago. 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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