It's a new year and that means new challenges in the Yakima real estate market as many are still struggling in this tough economy. Numbers are down across the board says Cory Bemis, owner of Yakima's John L. Scott Realty.

THE PRICES ARE DOWN BUT STILL EXPENSIVE

He says the 2023 Year End Median Home Sales Price in the Yakima was $340,000 which is a 3% decrease from 2022 when the price was $350,000.

MORE PEOPLE STAYED IN THEIR HOMES IN DECEMBER RATHER THAN BUYING NEW

Did you move during the holidays? Bemis says 108 homes sold in December of last year, a 6% decrease from the 115 homes that sold in December of 2022 and a 44% decrease from the 194 homes that sold in December of 2021.
All total 1,626 homes sold in 2023, a 22% decrease from last year and a 28% decrease from 2021.

New Home Sales Increase Despite Rising Mortgage Rates
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 INTEREST RATES LOWERED AT THE END OF 2023

Bemis says interest rates lowered at the end of 2023 which he says "equates to $237/month less in a monthly payment for a mortgage amount of $325,000." However he says the change in interest rates didn't make that much of an impact on the Yakima market.

New Home Sales Hit A Record High
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BEMIS PREDICTING A STEADY YEAR IN 2024

What's 2024 look like? Bemis expects a "steady year in the Yakima Real Estate Market, similar to the supply and demand ratios that our market experienced in 2016-2019.  The only differences will be a lower inventory of homes for sale and fewer buyers, resulting in less appreciation than the 10% per year that we experienced in those years."
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