June and July are usually robust selling months for homes in Omaha metro area. However, data pulled from the Omaha MLS indicates a significant decrease in number of home sales from 2007 to 2008. Some factors, I think, that can be contributed to the decrease in home sales are, rising mortgage rates, tightened mortgage guidelines, and lack of consumer confidence. Looking forward, I think the second half of the year will interesting to say the least. One positive for the real estate market is the new housing bill recently passed by congress. The bill gives first time home buyers a tax credit of $7,500, it also, raises the minimum contribution for an FHA mortgage from 3% to 3.5%. More first time buyer activity might also spur more move up buyers.
Douglas County had 411 attached and detached homes sold in July 2008 compared with 752 in 2007, which is down 45%. As of August 1 2008, there were 4,068 active homes for sale, which is 9.9 months supply of homes. Check out my previous post for more detailed information.
Sarpy County had 155 attached and detached homes sold in July 2008, compared to 259 sold in July 2007, which is down 40%. As of August 1, 2008, there were 1088 active homes for sale, which is a 7.02 months supply. Check out my previous post for more detailed information
Buyers continue to have their choice of homes and price is the most important factor to successfully selling your home in this market.
Search the Omaha MLS at http://www.omaharealtypro.com/
Information was pulled from the Great Plains Omaha Board of Realtors Multiple Listing Service; OABR deems information reliable but not guaranteed. Prepared by Steve Lauver-REALTOR