November 2, 2026 | By Joel Johnson, Omaha REALTOR
A little breathing room on mortgage rates is welcome news for Omaha-area homebuyers. But this fall's housing market is not moving in one direction. Recent local data show fewer sales and fewer accepted offers than a year ago, while home prices remain higher. And if you're comparing a resale home with new construction, you may be shopping in two very different markets.
Mortgage rates eased again, but the payment still matters
Freddie Mac's October 29, 2026 survey put the national average 30-year fixed mortgage rate at 7.24%, down from 7.32% the week before. The average 15-year rate declined to 6.60%. That's a step in the right direction, not a return to the unusually low rates of recent years. These are national averages for qualifying conventional, conforming loans, not guaranteed quotes for Omaha buyers.
If you're preparing to purchase, ask your lender to refresh your numbers before making an offer. Compare the full monthly payment, including principal, interest, property taxes, insurance and any homeowners association dues. A modest rate movement can change what feels comfortable in your budget, but the asking price and total cost of ownership still matter just as much.
What the Fed's October decision means for buyers
On October 28, the Federal Reserve held its short-term target rate at 3.75% to 4.00%. The following day, the government's September inflation report showed consumer prices, as measured by the PCE index, 3.6% higher than a year earlier; the core measure, which excludes food and energy, was up 3.1%.
Why should a homebuyer care? Inflation and financial-market expectations help influence the longer-term bond yields that mortgage lenders watch. The Fed does not set 30-year mortgage rates directly, so its decision to hold steady does not promise that mortgage rates will stay put. If you're considering buying soon, have a financing plan that works at today's quoted rate rather than relying on a future decline.
Omaha's latest MLS figures tell a mixed story
As of November 2, the latest full Great Plains Regional MLS Omaha Area Region monthly report available is for September 2026 (data current as of October 13). It includes the broader Omaha region in Nebraska and southwest Iowa, not just the Omaha city limits.
Across existing homes and new construction combined, 979 homes closed in September, down 12.0% from a year earlier. Pending sales totaled 849, down 18.8%. Yet the median closed price was $325,000, up 2.8% year over year. Inventory stood at 2,666 homes, representing 2.6 months of supply.
That is an important distinction: fewer transactions do not automatically mean prices have fallen. Buyers may have somewhat more opportunity to compare properties, but a well-priced home in a desirable location can still attract serious attention.
New construction and resale offer different opportunities
September's local figures show just 2.0 months of supply for existing homes, compared with 5.7 months for new construction. New-construction pending sales declined 36.9% from September 2025, versus a 15.8% decline for existing homes. The median closed price was $440,990 for new construction and $305,000 for existing homes; those medians describe different mixes of homes, not a direct price comparison of identical properties.
For buyers considering a THI Builders home or another new build, look beyond the base price. Compare included finishes, layout, estimated completion date, warranties, ongoing maintenance needs, and any financing or closing-cost incentives actually offered for a specific property. Be sure to get the terms in writing. On a resale home, pay equally close attention to condition, inspection findings and likely near-term repairs.
Practical next steps for buyers and sellers
If you're buying: Update your preapproval, compare total monthly costs, and assess individual listings rather than assuming the entire market has shifted. Ask questions about any incentives, but don't count on offers that haven't been confirmed.
If you're selling: Price from recent nearby comparable sales, not broad national headlines. Prepare the home carefully and monitor your direct competition. With fewer pending sales than last September, the first impression and asking price deserve particular attention.
October's full Omaha-region MLS report is not yet posted, so I'll be watching for that next local update along with the coming weekly mortgage-rate releases. If you're considering buying, selling, or exploring new construction in Omaha, Elkhorn, Gretna, Papillion, or the surrounding area, I'd welcome the chance to help you weigh the options for your situation.
Joel Johnson | Berkshire Hathaway HomeServices | Omaha REALTOR and THI Builders Representative
