2022 a Tough But Successful Year in Yakima Real Estate
2022 was a busy year for those in the real estate industry in Yakima County. According to Cory Bemis owner of Yakima's John L. Scott Reality the median home sales price in Yakima at the end of 2022 was $350,000 which increased 8.5% from the same time last year when the median sales price was $322,750.
Many people moved into new homes in 2022
Did you move into a new home last year? Bemis says in 2022, there were 2,079 homes sold in Yakima. He says that's a 8.5% decrease from 2021 when 2,272 homes sold.
But buyers dropped out of the market in December of this year when 114 homes were sold, a 41% decrease from the number of homes sold in December of 2021 when 194 homes were purchased.
Are mortgage rates discouraging you from buying a home?
Bemis says 30-year fixed rate mortgages are "averaging a 6.14% interest rate right now according to MortgageNewsDaily.com. This is 2.5% higher than 1 year ago (3.64%)."
He says the biggest news in the Yakima market is the increase in the number of homes available relative to the number of pending sales and sold homes. Bemis says the "figure is typically measured in months of active inventory and referred to as an absorption rate. For the past 6 months, the absorption rate of homes for sale in the Yakima market has been between 2 - 2.5 months. In the first 5 months of 2022, the absorption rate was between 1 - 1.5 months. Bemis says look for this number to increase over the next 6 months as homes continue to be listed at a slightly higher rate than they are being sold. Note: The absorption rate is measured in months and shows how long the current inventory of homes would last at the current rate of sales."
What is your home worth?
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