Key facts
- Higher mortgage rates are offsetting savings from lower home prices.
- Weakening contract activity is evident in Omaha, Huntsville, and Tulsa.
- Omaha's median active asking price is $388,375, up 1.7% year over year.
- Huntsville's median active asking price is $361,900, down 3.5% year over year.
- Tulsa's median active asking price is $334,900, down 1.5% year over year.
- National median active asking price was $434,900 for the week ending Oct. 16, 2026.
A lower home price does not automatically translate to greater affordability when mortgage rates are high, according to HousingWire Lead Analyst Logan Mohtashami. For example, a $395,000 home with a 7.40% mortgage rate results in a higher monthly payment than a $450,000 home with a 5.98% rate. This disconnect is contributing to weakening demand in markets like Omaha, Huntsville, and Tulsa, where contract activity is declining relative to new listings. Despite price reductions in these areas, elevated financing costs are keeping buyers on the sidelines. Nationally, active inventory is up, but new pending contracts are down, indicating a broader slowdown.