Here's an excerpt from the February 2022 report released by the Great Plains Regional MLS:
The U.S. real estate market remains hot ahead of the spring selling season, with existing home sales up 6.7% as of last measure, according to the National Association of REALTORS®. Experts attribute the growth in sales to an uptick in mortgage interest rates, as buyers rushed to lock down their home purchases before rates move higher. Mortgage rates have increased almost a full percentage point since December, with the average 30-year fixed-rate mortgage briefly exceeding 4% in February, the highest level since May 2019.
Inventory was at an all-time low of 860,000 as February began, down 17% from a year ago and equivalent to 1.6 months supply. According to Lawrence Yun, Chief Economist at the National Association of REALTORS®, much of the current housing supply is concentrated at the upper end of the market, where inventory is increasing, while homes priced at the lower end of the market are quickly disappearing, leaving many first-time buyers behind. The shortage of homes is boosting demand even further, and with bidding wars common in many markets, it’s no surprise sales prices continue to soar.
The Bottom line:
Home sales continue to rise but experts say this is due to buyers trying to lock down their mortgage rates before it goes even higher. Mortgage rates have gone up almost a full percentage since December 2021.
February started with an all-time low in inventory and many first-time home buyers get left behind as the lower priced homes disappear quickly. Low inventory increases demand even further causing sales prices to continue to soar.
February 2022 Omaha Area Real Estate Statistics
Average Sold Price: $301,032 (Up 9.9% from February 2021)
Homes Sold: 783 (Up 0.4% from February 2021)
New Listings: 1,149 (Up 2.8% from February 2021)
Pending Listings: 1,034 (Down 2.5% from February 2021)
Days on the Market: 15 Days (Down 25.0% from February 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
