The Commerce Department reported Wednesday that sales of new single family homes dropped 11.2 percent in January from December.
This is a national figure however, and I have always said that the Omaha metro is it's own market. In addition, a better comparison, I feel, would be to compare January '09 figues to January '10 figures. In Omaha new home sales increased 12.6% and the number of new homes that went pending increased almost 30%. More proof that the market seems to be improving is evadent in the fact that NPDodge Real Estate's overall sales in February have averaged $3 million dollars a day and that number has been increasing each day. Historically low interest rates combined with the tax incentives, make now a great time to buy. Warmer weather is obviously not the solution to the bad economy, however you would have to agree that better weather makes it much easier to shop for a new home. As the real estate market becomes stronger so too will the economy and it looks as though Omaha will be leading the way towards recovery.