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National Real Estate Update

 

Note: Data below from March 2018 is the most recent from the National Association of Realtors.


According to the National Association of Realtors® (NAR), sales of existing homes in March grew for a second straight month, but low inventory levels and affordability pressures held sales activity lower than a year ago.

 

Total existing-home sales (transactions for single-family homes, townhomes, condominiums and co-ops) rose 1.1% to 5.60 million in March from 5.54 million in February. Still, sales remain 1.2% below a year ago.

 

NAR's chief economist, Lawrence Yun, indicated that closings in March inched forward despite challenging market conditions in most of the nation. "Robust gains last month in the Northeast and Midwest – a reversal from the weather-impacted declines seen in February – helped overall sales activity rise to its strongest pace since last November at 5.72 million," he said. Yun added, "The unwelcoming news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year-ago levels because supply is woefully low and home prices keep climbing above what some would-be buyers can afford."

 

Nationwide, March's median existing-home price (all housing types) was $250,400, up 5.8% from March 2017 ($236,600). This price increase represents 73 consecutive months of gains.

 

Total U.S. housing inventory at the end of March rose 5.7% to 1.67 million existing homes available for sale, but remains 7.2% lower than a year ago (1.80 million) and has dropped year-over-year for 34 straight months. Nationally, unsold inventory sits at a 3.6-month supply at the current sales pace (vs. 3.8 months a year ago).

 

Freddie Mac data shows the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased for a sixth consecutive month to 4.44% in March from 4.33% in February. For all of 2017, the average commitment rate was 3.99%.

Finding the right coverage for your Omaha home

When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy to be in force prior to funding the loan. Make sure you have enough coverage should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims and reduce your insurance costs.

Check with your insurance agent for more information on these issues and others. If you don't have an insurance agent, we have access to several top-notch agents to whom we can refer you with confidence.

 
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Omaha Activities & Event Round-up for this weekend!

What are your plans for the second weekend of September? Are you by chance attending Omaha restaurant week, reggae on the river, chalk art festival, food truck rodeo or WestFest to see country star Brett Eldridge? If not, you may want to rethink your plans! There are tons of fun activities and events happening throughout our wonderful city this weekend, and we have a few of them listed below for you to check out. Enjoy! 

What: 2018 Food Truck Rodeo 
When: September 14th
Where: Military Ave. Omaha, NE

What: Reggae on the River with Rhythm Collective
When: September 14th
Where: River City Star Riverboat | 151 Freedom Park Rd.

What: WestFest feat. Brett Eldredge 
When: September 14th
Where: 1 Harrah’s Boulevard 

What: Bye Bye Birdie, YPE
When: September 14th – 16th
Where: 830 Franklin Ave.

What: Comedy in Omaha at The Backline
When: September 14th & 15th
Where: The Backline Comedy Theatre 

What: El Grito Festival
When: September 14th – 16th
Where: S 24th St. & N St. Omaha, NE

What: KANEKO: Reality
When: September 14th – 16th
Where: 1111 Jones St. Omaha, NE

What: Karaoke Friday Nights
When: September 14th
Where: 510 N. 33rd St. Omaha, NE

What: Live Jazz
When: September 14th & 15th
Where: Marks Bistro | 4916 Underwood Ave.

What: Lewis & Clark Ranger Programs
When: September 14th – 16th
Where: Lewis and Clark National Historic Trail VC

What: Omaha Restaurant Week
When: September 14th – 16th
Where: Various Locations 

What: Shea Wilkinson: Paralel Worlds
When: September 14th & 15th
Where: Gallery 72 | 1806 Vinton St. 

What: Thomas D Mangelsen: A Life in the Wild
When: Septmeber 14th – 16th
Where: Durham Museum | 801 S. 10th St. 

What: 27th Annual Fort Omaha Intertribal Powwow
When: September 15th
Where: 5730 N. 30th St. Omaha, NE

What: Vintage Market Days of Omaha
When: September 14th – September 16th
Where: 508 Skyline Road

What: Tinkerfest
When: September 15th
Where: Omaha Children’s Museum 

What: Brews & Bites: Blackstone Walking Tour
When: September 15th & 16th
Where: Omaha Culinary Tours | Various Locations

What: Chalk Art Festival
When: September 15th & 16th
Where: Midtown Crossing

What: Game Day at The Capitol District 
When: September 15th
Where: 1022 Capitol Ave. Omaha, NE

What: Artrageous!
When: September 16th
Where: 2700 College Road

What: 43rd Annual Omaha Marathon
When: September 16th
Where: TD Ameritrade Park Omaha

Check out website blog weekly for more fantastic weekend updates for Omaha.

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Contact Information

Photo of Heim-Berg Team Real Estate
Heim-Berg Team
Berkshire Hathaway
13340 California Street
Omaha NE 68154
(402) 677-9024
402-679-7108
Fax: 402-493-4805

 

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