US Housing Slowdown Spreads: Omaha, Huntsville, Tulsa Weaken Too

Lower asking prices have not brought buyers back, according to HousingWire Data, and the weakness is showing up well beyond the high-priced coastal metros.

What does the national data show?

For the week ending October 23, HousingWire counted 52,490 new pending sales nationally, down 22.5% from the same week last year. New listings were 60,151, down 6.3%. Inventory was 911,956, up 6,790 on the week, and about 43% of active listings had a price cut, against 42% a year earlier. Lead analyst Logan Mohtashami cautioned against reading too much into a small weekly improvement as mortgage rates eased.

Which affordable metros are weakening?

HousingWire examined markets where median asking prices are below $400,000: Omaha, Nebraska; Huntsville, Alabama; and Tulsa, Oklahoma. Eight-week comparisons from late August to mid-October show fewer new pending contracts relative to the number of homes entering the market in all three.

• Omaha: active inventory grew from about 1,940 homes in October 2024 to about 2,350 in October 2026, while weekly absorbed homes dropped from frequently over 300 in 2024 to about 180-255 in 2026

 

 

Why do price cuts not help?

Even large price reductions give little relief when higher financing costs cancel the savings. At a rate near 7.3%, the monthly payment, not just the price, decides who can buy.

What does it mean?

The national slowdown is broad, not just a story about overheated pandemic boom towns. Buyers in smaller, cheaper markets are not immune, and sellers need realistic prices.

What to watch

Whether the recent dip in mortgage rates, with Freddie Mac at 7.24% on October 29, turns into higher contract signings in the weeks ahead.