Market Statistics That Look Promising for Omaha Buyers
This time of year the real estate market tends to slow down as people become busy with holiday celebrations and activities. The housing market has been challenging for buyers in many markets and if you are hoping to purchase a home there could be some promising news when going over real estate market numbers for the past few weeks.
One of the most interesting pieces of real estate market news for Omaha homebuyers is that the interest rates for the 30-year fixed-rate mortgage loan dropped again. For the week ending November 22, the interest rate came down to 7.29% when it had been hovering around eight for sometime. Another big headline from real estate market news was that the number of home sales had dropped to a 13-year low. However, the latest housing statistics from real estate analysis have shown that the week ending November 18 saw a 5% increase in home sales as compared to the same time last year.
Why is this promising news for Omaha home buyers? Read on to find out.
An increase in sales means more homes are hitting the market
The number of homes for sale has been incredibly low for the last three years. Though homebuying has slowed down the inventory of homes has not seen an increase since a ton of buyers came flooding to the market to take advantage of low interest rates. But just in the last three weeks, there has been an increase in housing inventory all across the nation. The number of active listings increased by 1.5% just a few weeks ago as of November 18 compared to the previous year. This was the second week in a row that housing inventory increased and exceeded the previous year's numbers.
The housing inventory remains 41.8% below what it was before the pandemic but more and more homes are slowly coming back to the market and this is hopeful news for Omaha home buyers.
Home prices are increasing
When reading that subtitle you might think, "How could this be good news for an Omaha home buyer?" Numbers show that the price of homes increased by 1.2% as compared to numbers the year previous. While this is not altogether great news for a homebuyer it is good news in that price increases are coming back to an expected rate.
It is expected that properties will increase in value with time. This is the reason why many people choose to own a home instead of rent. While paying more for a home is not what a home buyer is looking to do; an increase is a sign of a healthy market. The good news for buyers lies in the fact that prices are not increasing at the rapid pace that they have been since 2020. Home price increases are coming back to a steady and expected rate for what is a typical balanced market. And that portion of home price increases is good news for potential buyers.
Real estate market news across the nation may not have flipped to a buyer's market and has yet to be in what is considered a balanced market, it is still very much a seller's market. But this recent wave of real estate statistic numbers is showing a glimmer of hope for adjustment for Omaha homebuyers.
If you are looking for a home in Omaha I can help. Contact me anytime to find out about available Omaha real estate. I'm here to help you find a home that you will love within your affordable buying budget.
