Tax credit pushed up sales in Yakima County

A number of families in the state of Washington made their relocations earlier this year to beat the deadline for the homebuyer tax credit.

Data from the Washington Center for Real Estate Research at Washington State University showed that existing home sales in Yakima County during this year's third quarter dropped 30 percent from a year earlier. That came immediately after second quarter results which showed existing home sales were up 23.7 percent compared to a year earlier, a clear sign that buyers in the region rushed to meet the June 30 closing deadline so that they could qualify for the tax credit.

Experts say that sales since then may show a reluctance by local buyers to get their moving plans in gear. Despite record-low mortgage rates, buyers are wary of the state of the housing market - especially falling home values.

"They don't want to buy with the low mortgage rates and then watch prices decline," Glenn Crellin, executive director of the center, told the Yakima Herald.

Other areas of Washington experienced similar drops in home sales. The center's report added that third quarter sales in King County were down 27.1 percent from the previous quarter.
 

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