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Housing Snapshot!

Note: May 2025 data below are the most recent released by the National Association of Realtors.

Existing-home sales rose in May, according to the National Association of REALTORS®. Sales elevated in the Northeast, Midwest and South, but retreated in the West. Year-over-year, sales progressed in the Northeast and Midwest but contracted in the South and West. This report equips real estate professionals with valuable information that helps them serve their clients and get to their next transaction.
 

National Association of Realtors December 2024 Data

"The relatively subdued sales are largely due to persistently high mortgage rates. Lower interest rates will attract more buyers and sellers to the housing market," said NAR Chief Economist Lawrence Yun. "Increasing participation in the housing market will increase the mobility of the workforce and drive economic growth. If mortgage rates decrease in the second half of this year, expect home sales across the country to increase due to strong income growth, healthy inventory, and a record-high number of jobs."
 
Total Existing-Home Sales for May
  • 0.8% increase in total existing-home sales1 month-over-month to a seasonally adjusted annual rate of 4.03 million.
  • 0.7% decrease year-over-year, sales declined 0.7% (down from 4.06 million in May 2024).
Inventory in May
  • 1.54 million units: Total housing inventory2, up 6.2% from April and 20.3% from May 2024 (1.28 million).
  • 4.6-month supply of unsold inventory, up from 4.4 months in April and 3.8 months in May 2024.
Median Sales Price in May
  • $422,800: Median existing-home price3 for all housing types, up 1.3% from one year ago ($417,200) – a record high for the month of May, and the 23rd consecutive month of year-over-year price increases.
  • Single-Family and Condo/Co-op Sales
  • Single-Family Homes in May
  • 1.1% increase in sales to a seasonally adjusted annual rate of 3.67 million, up 0.3% from May 2024.
  • $427,800: Median home price in May, up 1.3% from May 2024.
  • Condominiums and Co-ops in May
  • 2.7% decrease in sales to a seasonally adjusted annual rate of 360,000 units, down 10.0% from May 2024.
  • $371,300: Median price, up 0.7% from May 2024.
Regional Breakdown
 
Northeast
  • 4.2% increase in sales month-over month to an annual rate of 500,000, up 4.2% year-over-year.
  • $513,300: Median price, up 7.1% from May 2024.
 
Midwest
  • 2.1% increase in sales month-over month to an annual rate of 990,000, up 1.0% year-over-year.
  • $326,400: Median price, up 3.4% from May 2024.
 
South
  • 1.7% increase in sales month-over month to an annual rate of 1.84 million, down 0.5% year-over-year.
  • $367,800: Median price, down 0.7% from May 2024.
 
West
  • 5.4% decrease in sales month-over month to an annual rate of 700,000, down 6.7% year-over-year.
  • $633,500: Median price, up 0.5% from May 2024.

 

Is your Omaha Home Ready for Peak Selling Season?

The Heim-Berg Team has lived and worked in Omaha for over twenty years. In that time, we've helped hundreds of families succeed in Omaha's ever-evolving real estate landscape and learned that timing truly is everything in real estate. In that time, we've advised clients over multiple market cycles, including the boom years and most challenging periods. Now we're seeing something fascinating happening in our city. The signs are pointing toward a significant market recovery, and understanding the timing could make all the difference in your next real estate decision.

Over the past couple of years, we've watched a frustrating standoff taking place in Omaha's real estate market. Sellers, many of whom locked into historically low mortgage rates during the pandemic, were hesitant to list their homes and give up those favorable terms. For the past few years, buyers have faced lots of challenges. Challenges included limited inventory and elevated interest rates, which stretched their purchasing power beyond comfortable levels. It was like watching two groups of people try to meet on opposite sides of a wide river with no bridge in sight. We're about to see a significant convergence. We're excited to see buyers and sellers finally meet in the middle again.

Today, we're witnessing a fundamental shift. Mortgage rates have begun to ease, pulling back from their recent peaks. This has led to a psychological barrier that has prevented many homeowners from listing their homes, but this is beginning to change. At the same time, buyers are finding their purchasing power gradually improving. This convergence isn't just theory; it's happening right here in neighborhoods across Omaha, from the historic charm of Benson to the family-friendly developments in Elkhorn.

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What's Your Credit Score

 

Your credit score is a composite snapshot of your credit history. A high credit score takes time to cultivate, and is not likely to rise much in a short period of time. Generally speaking, you want to make sure you pay your bills on time, keep outstanding debt levels to a reasonable amount for each account, and avoid closing accounts you've successfully paid-off and managed. Don't lose hope if you have less than perfect credit, there are still good loan programs out there for responsible borrowers. We have a list of preferred local lenders who can help you find the best financing programs for your specific needs.

Contact us and take advantage of today's low interest rates!

Here are some great resources to learn more about credit scores, and to get a free credit score and report:

 

 

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Contact Information

Photo of Heim-Berg Team Real Estate
Heim-Berg Team
Berkshire Hathaway
331 Village Pointe Plaza
Omaha NE 68118
(402) 677-9024
(402) 679-7108 | (402) 830-6123
Fax: 402-493-4805

Stacey OHara CMG financial 515-306-2360

 

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