RSSSales of existing homes strong in county
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YAKIMA, Wash. -- Even in a softer market, Yakima County managed to show the greatest increase in median home prices for home resales in the state, according to recent data from the Washington Center for Real Estate Research.
The median home price for existing homes in Yakima County during the second quarter was $158,600, a 3.6 percent increase from the same period a year ago, according to data released Wednesday by the center at Washington State University.
Only three other counties, all east of the Cascades, reported price increases. Grant County had a 1.1 percent increase, while Benton and Franklin counties both had a 0.2 percent increase.
The boost in home prices likely reflects an influx of first-time homebuyers taking advantage of a $8,000 federal tax credit, said Glenn Crellin, executive director of the Washington Center for Real Estate Research.
"Because the prices are affordable, (first-time homebuyers) are able to buy at a different spot than in the more expensive counties," he said. "In Yakima, they're able to buy much more mid-market homes."
The county has an 8.7-month supply of homes on the market priced between $160,000 and $249,999, well below the county's overall inventory of 10.9 months, according to the Washington Center.
But movement of higher-priced homes remains at a standstill, causing a 14.8 percent year-over-year decline of homes sold during the second quarter.
The local market has a nearly two-year supply of homes in the $250,000 to $499,000 price ranges while the supply for homes $500,000 and up is pushing the three-year mark.
Still, the relative strong real estate market has gained national attention.
Earlier this week, "Good Morning America" cited Zillow.com in listing the Yakima metropolitan area, which is all of Yakima County, as one of the five best markets to sell a home.
But local homeowners shouldn't expect a dramatic increase in home prices.
Some homeowners are still required to discount their homes to sell them quickly, though the discount is usually not enough for sellers to lose money, Kokenge said.
"Those who want to move now, or those who are motivated, are seeing a drop (in prices), but not enough where they're giving their home away," he said.
* Mai Hoang can be reached at 509-577-7685 or mhoang@yakimaherald.com.
EDITORS NOTE: This story has been updated to correct information about "Good Morning America's reference to the Yakima metropolitan area.
What did the Yakima market do during the past decade?
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