The November 2022 Real Estate Report from the Great Plains Regional MLS is out and here’s what it says:
“Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.”
“With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com”
The Bottom line:
Affordability issues and soaring mortgage rates continue to be a major challenge for both buyers and sellers. Buyers are waiting for mortgage rates to drop while Sellers are holding off on listing their homes due to weakening buyer demand. Mortgage rates more than doubled compared to this time last year.
Let’s take a look at some of the numbers from November 2022
November 2022 Omaha Area Real Estate Statistics
Average Sold Price: $317,900 (Up 6.5% from November 2021)
Homes Sold: 812 (Down 42.5% from November 2021)
New Listings: 996 (Down 11.2% from November 2021)
Pending Listings: 676 (Down 33.4% from November 2021)
Days on the Market: 15 Days (Up 7.1% from November 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