Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.
There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.
The Bottom line:
Though there was a slight dip in sales for August due to the continuous increase in sales price, the market is currently showing signs that it may be shifting. The increasing number of inventory could soften the competition and bring down the sales price a little.
Let’s take a look at some of the numbers from the September 2021 data released by the
Great Plains Regional MLS:
September 2021 Omaha Area Real Estate Statistics
Average Sold Price: $295,805 (Up 8.6% from September 2020)
Homes Sold: 1,344 (Down 7.7% from September 2020)
New Listings: 1,665 (Down 1.6% from September 2020)
Pending Listings: 1,227 (Down 14.1% from September 2020)
Days on the Market: 10 Days (Down 37.5% from September 2020)
All data from Great Plains Regional MLS. Report © 2021 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
