“The U.S. real estate market continues to slow as we move into fall, as rising consumer prices and higher mortgage interest rates squeeze homebuyer budgets and cool activity. With inflation showing little sign of abating, the Federal Reserve implemented another 75-basis-point hike in September, marking the third such rate increase this year. The cost of borrowing has reached multi-year highs on everything from credit cards to auto loans in 2022 as mortgage interest rates topped 6% for the first time since 2008, causing existing home sales to decline for the seventh consecutive month.”
“Affordability challenges have priced many buyers out of the market this year, and buyers who do succeed in purchasing a home are finding that the costs of homeownership have increased significantly, with monthly mortgage payments more than 55% higher than a year ago, according to the National Association of REALTORS®. Inventory remains lower than normal, and as the market continue to shift, experts project homes will begin to spend more days on market and price growth will slow in the months ahead.”
The Bottom line:
Interest rates continue to soar higher, adding to the affordability challenges that buyers continue to face. Experts project that price growth will slow in the coming months while homes will be spending more days on market.
Let’s take a look at some of the numbers from September 2022
September 2022 Omaha Area Real Estate Statistics
Average Sold Price: $339,327 (Up 14.5% from September 2021) Homes Sold: 1,189 (Down 16.1% from September 2021) New Listings: 1,519 (Down 10.2% from September 2021) Pending Listings: 932 (Down 26.5% from September 2021) Days on the Market: 13 Days (Up 18.2% from September 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