OMAHA, Neb. (AP) - Sales of existing homes dropped last year in Nebraska, but the figures still painted a brighter picture than national trends.
The latest figures from the National Association of Realtors show that Nebraska sales of used single-family homes, town homes, condos and co-ops plummeted 17.6 percent for the fourth quarter of 2007 and 4.9 percent for the year.
That compares favorably with national sales figures: a plunge of 20.9 percent in the fourth quarter and 12.8 percent for the year, compared with 2006 figures.
Sales of existing homes fell in 45 states during the October-December quarter, the association said.
Nebraska's figures also were not as bad as those for the Midwest as a whole.
Midwest sales dropped 18.1 percent in the fourth quarter and 10.6 percent for the year.
The figures reflect adjusted annual rates, not actual sales records, in order to factor out season variations for resales. The association said the rate for any quarter "represents what the total number of actual sales for a year would be if the relative sales pace for that quarter was maintained for four consecutive quarters."
Prices are another measure of the housing industry's well-being, suggesting good news for Omaha and Lincoln.
Lincoln's median price for the quarter rose to $138,800 from $137,700, an increase of 0.7 percent. Omaha's rose 2.1 percent, to $142,800 from $136,200.
Median home prices fell in more than half of the 150 metropolitan areas surveyed by the association.
Walter Molony, a spokesman for National Association of Realtors, said the two regions' "price performance would indicate a little bit better balance between buyers and sellers" than many other parts of the country, where buyers are having their financial way with sellers.
Doug Rotthaus, executive vice president of Realtors Association of Lincoln, said he thinks the relatively good numbers relate "to the overall stability of the market."
"We have a history of slower growth but more steady growth," Rotthaus said. "Our numbers indicate that we didn't go up as rapidly, but we're not seeing that correction in the overall proportion as some areas of the country."
In fact, more existing homes were sold in Lincoln last year, 2,922, than in 2006, 2,874. The record was 3,030 in 2005, Rotthaus said.
"The demand for existing homes is somewhat steady," he said, but there are more homes on the market than usual. The latest figure he had 2,083 on Dec. 31, which was about 1.5 percent more single-family homes, including new ones, than the same date a year earlier.
He also said Lincoln had fewer new home starts last year: 843 permits issued in 2007, versus 1,021 in 2006.
Molony with the national realtors group said the states and metropolitan areas that are doing better are the ones "that preserve good affordability conditions."
Lawrence Yun, the Realtors Association's chief economist, said the healthiest housing markets "generally are moderately priced and are experiencing job growth."
Nebraska has long been among the most affordable states for housing. A 2006 U.S. Census report listed Nebraska No. 39 for the median price of owner-occupied housing units, $119,200, versus the U.S. median of $185,200 and No. 1 California, at $535,700.
The Nebraska unemployment rate remains low as well: 3.2 percent in December, compared with 5 percent nationally.
The state Labor Department says Nebraska has added 13,571 jobs since December 2006, a growth rate of 1.4 percent.
The latest figures from the National Association of Realtors show that Nebraska sales of used single-family homes, town homes, condos and co-ops plummeted 17.6 percent for the fourth quarter of 2007 and 4.9 percent for the year.
That compares favorably with national sales figures: a plunge of 20.9 percent in the fourth quarter and 12.8 percent for the year, compared with 2006 figures.
Sales of existing homes fell in 45 states during the October-December quarter, the association said.
Nebraska's figures also were not as bad as those for the Midwest as a whole.
Midwest sales dropped 18.1 percent in the fourth quarter and 10.6 percent for the year.
The figures reflect adjusted annual rates, not actual sales records, in order to factor out season variations for resales. The association said the rate for any quarter "represents what the total number of actual sales for a year would be if the relative sales pace for that quarter was maintained for four consecutive quarters."
Prices are another measure of the housing industry's well-being, suggesting good news for Omaha and Lincoln.
Lincoln's median price for the quarter rose to $138,800 from $137,700, an increase of 0.7 percent. Omaha's rose 2.1 percent, to $142,800 from $136,200.
Median home prices fell in more than half of the 150 metropolitan areas surveyed by the association.
Walter Molony, a spokesman for National Association of Realtors, said the two regions' "price performance would indicate a little bit better balance between buyers and sellers" than many other parts of the country, where buyers are having their financial way with sellers.
Doug Rotthaus, executive vice president of Realtors Association of Lincoln, said he thinks the relatively good numbers relate "to the overall stability of the market."
"We have a history of slower growth but more steady growth," Rotthaus said. "Our numbers indicate that we didn't go up as rapidly, but we're not seeing that correction in the overall proportion as some areas of the country."
In fact, more existing homes were sold in Lincoln last year, 2,922, than in 2006, 2,874. The record was 3,030 in 2005, Rotthaus said.
"The demand for existing homes is somewhat steady," he said, but there are more homes on the market than usual. The latest figure he had 2,083 on Dec. 31, which was about 1.5 percent more single-family homes, including new ones, than the same date a year earlier.
He also said Lincoln had fewer new home starts last year: 843 permits issued in 2007, versus 1,021 in 2006.
Molony with the national realtors group said the states and metropolitan areas that are doing better are the ones "that preserve good affordability conditions."
Lawrence Yun, the Realtors Association's chief economist, said the healthiest housing markets "generally are moderately priced and are experiencing job growth."
Nebraska has long been among the most affordable states for housing. A 2006 U.S. Census report listed Nebraska No. 39 for the median price of owner-occupied housing units, $119,200, versus the U.S. median of $185,200 and No. 1 California, at $535,700.
The Nebraska unemployment rate remains low as well: 3.2 percent in December, compared with 5 percent nationally.
The state Labor Department says Nebraska has added 13,571 jobs since December 2006, a growth rate of 1.4 percent.
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