The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. Meanwhile, sales of new construction single-family homes recently hit a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the U.S. Department of Housing and Urban Development.
As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.
The Bottom line:
Home sales continue to pick up due to strong demand, low interest rates, and a slight uptick in new listings in recent months. Though interest rates are starting to rise, and experts expect it to rise even further in the coming months, they are still currently at historically low rates. Buyers are taking advantage of this and locking in their purchases now before the rates go even higher.
Let’s take a look at some of the numbers from the October 2021 data released by the
Great Plains Regional MLS:
October 2021 Omaha Area Real Estate Statistics
Average Sold Price: $298,125 (Up 8.0% from October 2020)
Homes Sold: 1,307 (Down 12.6% from October 2020)
New Listings: 1,597 (Down 1.2% from October 2020)
Pending Listings: 1,298 (Down 4.5% from October 2020)
Days on the Market: 11 Days (Down 35.3% from October 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
