“Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.”
“The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.”
The Bottom line:
Affordability continues to be a major challenge for both buyers and sellers. Mortgage rates have doubled since March and inventory is still limited.
Let’s take a look at some of the numbers from October 2022
October 2022 Omaha Area Real Estate Statistics
Average Sold Price: $332,526 (Up 11.9% from October 2021) Homes Sold: 982 (Down 27.5% from October 2021) New Listings: 1,356 (Down 17.2% from October 2021) Pending Listings: 828 (Down 39.8% from October 2021) Days on the Market: 13 Days (Up 18.2% from October 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