Yakima Real Estate Market Update: June 2024
The Yakima housing market saw a slight slowdown in June 2024, but prices continue to climb. Here’s a quick rundown of what’s happening:
Fewer Homes Sold, But Prices Are Up
- While fewer homes were sold in June 2024 compared to the same month in 2023, the median home sales price rose to $349,250.
- This represents a 2.72% increase from the same period last year.
- Year-to-date, the total number of homes sold in 2024 is up 4% compared to 2023.
Mortgage Rates Drop
Mortgage rates have recently seen a drop, which could boost buyer and seller activity. The average 30-year fixed rate is now at 6.85%.
Home Values Continue to Rise
Despite higher interest rates for most of 2024, home values have still appreciated by close to 3%. This is due to a continued shortage of inventory in the affordable to middle price ranges.
What to Watch
Experts are watching these key factors closely:
- **Inventory levels:** If more homes come onto the market due to lower interest rates, it could impact home prices.
- **Interest rates:** If rates remain below 7% for an extended period, home values are likely to continue increasing.
The Yakima housing market is dynamic and evolving. It’s important to stay informed about trends and changes to make the best decisions for your individual needs. 🏡
