The Great Plains Regional MLS August 2022 real estate report is out and here’s what it says:
“Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been particularly hard on homebuilders, causing new-home sales and construction to slow.”
“Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.”
The Bottom line:
Sales prices are still higher from this time last year, but the increase in sales price is expected to cool down in the coming months. Experts are foreseeing a more buyer-friendly shift in the real estate market.
Let’s take a look at some of the numbers from August 2022
August 2022 Omaha Area Real Estate Statistics
Average Sold Price: $331,051 (Up 12.1% from August 2021)
Homes Sold: 1,283 (Down 12.8% from August 2021)
New Listings: 1,571 (Down 5.1% from August 2021)
Pending Listings: 1,163 (Down 15.5% from August 2021)
Days on the Market: 11 Days (Up 10.0% from August 2021)
All data from Great Plains Regional MLS. Report © 2022 ShowingTime.
This report covers residential real estate activity in the Omaha area, which includes the counties of Dodge, Douglas, Sarpy, Saunders and Washington in Nebraska; the counties of Harrison, Mills and Pottawattamie in Iowa. Sources: Freddie Mac, Great Plains Regional MLS, and ShowingTime
