In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter-percentage point to 4.50% - 4.75%, its 8th rate hike since March of last year, when the interest rate was nearly zero. Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of last measure, but affordability constraints continue to limit homebuyer activity overall, with existing-home sales declining for the twelfth consecutive month, according to the National Association of Realtors® (NAR). New Listings increased 44.8 percent for New Construction but decreased 23.5 percent for Existing Homes. Pending Sales decreased 11.8 percent for New Construction and 26.6 percent for Existing Homes. Inventory increased 115.1 percent for New Construction and 27.2 percent for Existing Homes. Median Closed Price increased 8.7 percent for New Construction and 8.7 percent for Existing Homes. Days on Market increased 121.9 percent for New Construction and 81.8 percent for Existing Homes. Months Supply of Inventory increased 151.6 percent for New Construction and 66.7 percent for Existing Homes. With buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago. Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers, who have continued to struggle with affordability challenges this winter. The slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking up again in recent weeks, buyers are once again pulling back, causing sales activity to remain down heading into spring. *Source: FastStats by ShowingTime with all data from Great Plains Regional MLS.

The Omaha real estate market is currently experiencing a shift that benefits both buyers and sellers. With the decrease in new listings and pending sales, the market is becoming more competitive, leading to an increase in the average closed price. As a buyer, it is important to be aware of these changes, so you can make informed decisions when it comes to purchasing a new home. According to recent statistics, the number of new listings for existing homes in Omaha has decreased by 16.8% compared to the same time last year. This decrease may be due to the current economic climate and uncertainty caused by inflation. However, this also means that there are fewer homes on the market, making it more competitive for buyers. Similarly, the number of pending sales has decreased by 18.8% compared to the same time last year. This means that there are fewer homes under contract, giving buyers more time to make decisions and potentially negotiate a better deal. Despite the decrease in new listings and pending sales, the average closed price has increased by 7.1%. This means that homes are selling for more money, which is good news for sellers. However, this could also mean that as a buyer, you may need to adjust your budget or expectations when searching for a new home. As we continue to navigate current economic conditions, it is important to keep an eye on the real estate market in Omaha. While the decrease in new listings and pending sales may seem daunting, it also means that there is less competition for buyers. Additionally, the increase in average closed price shows that the market is still healthy and thriving. If you are in the market for a new home, it is crucial to work with a trusted and experienced real estate agent who can help guide you through these changes in the market. Together, you can navigate the current state of the Omaha real estate market to find the perfect home for you and your family.

Martin Luther King Jr. played a major role in what would become the Fair Housing Act of 1968.  In the early 20th century people of color were descriminated against, intimidated, relegated and segregated in housing opportunities. Whether it was trying to rent an apartment or buying a house, they were steered or denied. Martin Luther King Jr. recognized this as a core of racial injustice. From 1965-1966 MLK helped lead the Chicago Freedom Movement, which was to challenge discrimination in housing, education and employment. Chicago was the most segregated cities when it came to housing and the Chicago Freedom Movement organized marches through predominately white residential neighborhoods advocating for "open housing" - the right to buy a home anywhere an individual may choose. In August 1966, after approximately a year of campaigning and despite facing violence from white Chicagoans, the Chicago Freedom Movement achieved some important victories; The Chicago Housing Authority agreed to build public housing in white middle-class areas and the Mortgage Bankers Association promised to stop discriminatory lending policies. But the most significant and far-reaching outcome of this effort was the passage of the Fair Housing Act in 1968. The Fair Housing Act was signed into law one week after Dr. King was assassinated in Memphis, Tennessee. Today, over 50 years since Dr. King’s assassination and the passage of the Fair Housing Act, we are inspired to continue the fight for equality and justice as exemplified by Dr. King, particularly in fair housing.