“The U.S. housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.”
“At a time of year when homebuying activity is typically very strong, soaring homeownership costs have caused home sales to decline nationwide for the fifth consecutive month, with existing-home sales falling 5.4% month-to-month and 14.2% year-over-year as of last measure, according to NAR. But there is a bright spot. Inventory of existing homes has continued to climb this summer, with 1.26 million homes available at the beginning of July, equivalent to a 3 months’ supply. And despite the summer slowdown, homes are still selling quickly, with the typical home staying on market an average of 14 days.”
The Bottom line:
The housing market continues to cool down due to record-high sales price and the rising mortgage rates. This made a lot of buyers turn to the rental market where competition has intensified due to increased demand.
But on the brighter side, inventory continues to increase and homes are still selling relatively quickly, with the typical home staying on market an average of 14 days.
Let’s take a look at some of the numbers from July 2022
July 2022 Omaha Area Real Estate Statistics
Average Sold Price: $346,983 (Up 13.3% from July 2021) Homes Sold: 1,293 (Down 22.7% from July 2021) New Listings: 1,750 (Down 3.0% from July 2021) Pending Listings: 1,170 (Down 15.8% from July 2021) Days on the Market: 9 Days (Same as that of July 2021)
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