October 26, 2026 | By Joel Johnson, Omaha REALTOR®
If you're thinking about buying, selling, or building a home in the Omaha area, this week's housing news offers a useful reminder: the national headlines don't always tell the local story. Mortgage rates edged lower, home purchase activity slowed nationally, and builders reported more price reductions. Yet the latest Omaha-area numbers show home prices still holding up, with a meaningful difference between existing homes and new construction.
Mortgage rates dipped—but affordability remains challenging
Freddie Mac reported an average 7.32% rate for a 30-year fixed mortgage on October 22, down from 7.40% the previous week. That's welcome movement, but it isn't a dramatic change in buying power. On a hypothetical $400,000, 30 year loan, the difference is only about $22 a month in principal and interest. Actual rates depend on your lender, finances, loan terms, and down payment; the survey isn't an individual rate quote. Freddie Mac
My advice to buyers: ask your lender to update your numbers before touring homes. Focus on the full monthly payment principal, interest, taxes, insurance, and any HOA dues, not just the headline mortgage rate.
Omaha prices held up even as fewer homes changed hands
The Great Plains Regional MLS September 2026 report, current as of October 13, provides our latest comprehensive Omaha Area Region snapshot. Across existing homes and new construction combined, the median closed price was $325,000, up 2.8% from September 2025. But closed sales fell 12.0%, to 979, and pending sales fell 18.8%, to 849.
There were 2,666 homes for sale at month-end, down 5.6% from a year earlier, representing 2.6 months of supply. The average time from listing to accepted offer for homes that sold was 23 days. In other words, buyers were more selective, but limited supply continued to support prices. gprmlsdocs.com
These figures cover the broader Omaha Area Region, not the city of Omaha alone. Conditions can differ substantially by neighborhood, price range, and property type.
New construction is a different market from resale
This distinction matters for buyers comparing a resale home with a new build. In the same local MLS report, existing homes had 2.0 months of supply, versus 5.7 months for new construction. September's median closed prices were $305,000 for existing homes and $440,990 for new construction. New home pending sales declined 36.9% year over year, indicating a sharper recent slowdown in that segment. gprmlsdocs.com
Nationally, the National Association of Home Builders reported October builder confidence at 29, its lowest reading since June 2012. In that national survey, 43% of builders said they had cut prices, while 65% reported using incentives. Those are nationwide figures, not proof that any particular Omaha builder is offering a discount. National Association of Home Builders
As a Realtor representing THI Builders, I encourage buyers to compare total value: included features, floor plans, financing options, warranties, construction timelines, and the final monthly payment. The best choice isn't always the lowest advertised base price.
What does this mean if you're buying or selling?
For buyers: Get preapproved using today's payment assumptions, compare multiple homes carefully, and ask what flexibility may be available on a specific property. A slower market can create negotiating opportunities, especially in segments with more supply, but desirable homes can still attract competition.
For sellers: Don't confuse a higher median sale price with a guarantee that every home will sell quickly. Pricing, condition, presentation, and neighborhood level competition matter. With fewer pending contracts, an accurate asking price and a thoughtful marketing plan are especially important.
What I'm watching next
The Federal Reserve's next scheduled meeting is October 27–28, followed by the release of September PCE inflation data on October 29. Those developments may influence bond markets and mortgage rates, although a Fed decision does not translate directly into an equal change in mortgage rates. MarketUpdate.net
If you're considering a move in Omaha, Papillion, Gretna, Elkhorn, or elsewhere in the metro, I'd be happy to help you compare options based on your goals and budget.
Joel Johnson | Berkshire Hathaway HomeServices | REALTOR® and THI Builders Representative
Sources
Freddie Mac — October 22 Mortgage Rate Survey · Great Plains Regional MLS — September Omaha Market Report (PDF) · National Association of REALTORS® — September Pending Sales · NAHB — October Builder Confidence
