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Today: Pending home sales rose 1.8% nationally in February as rates briefly dipped below 6%, but geopolitical tensions pushed borrowing costs back above 6.29% this week. Multifamily rents stayed flat at $1,740 nationwide with occupancy declining in 28 of 30 major metros, signaling a weak spring for landlords. National housing starts jumped 7.2% in January but falling permits warn of sluggish construction ahead.
Pending home sales increased 1.8% month-over-month in February but remain 0.8% lower year-over-year, according to NAR. Buyers capitalized on a brief window when mortgage rates dropped below 6%, but the Middle East conflict pushed rates back to 6.29% for top-tier 30-year fixed loans by March 17, per Mortgage News Daily. The South saw contract signings rise 2.7% month-over-month and 1.2% year-over-year, outperforming other regions due to stronger inventory growth (up 7.9% nationally). For Richland County, this means buyer interest remains alive when rates cooperate, but your April pipeline depends entirely on whether oil prices stabilize. Monitor rate sheets daily and adjust listing strategies if we drift back toward 6.5%.
National housing starts jumped 7.2% from December and 9.5% year-over-year in January, driven by a multifamily surge, but falling building permits signal construction will slow, per The Registry. Columbia metro track this carefully: January's multifamily spike reflects projects that broke ground months ago under different rate conditions. New permit activity is declining, meaning 2027 supply will tighten. If you represent investors considering multifamily land acquisition, lock entitlements now before the next wave of developers realizes the pipeline dried up.
Mortgage rates recovered modestly from seven-month highs after oil prices fell 5% on March 16, bringing the 30-year fixed back below 6.30% after cresting 6.40% last week, per Mortgage News Daily. The Fed is not cutting rates this week (decision March 18), and geopolitical volatility will continue to drive rate swings more than Fed policy. For Columbia agents: pre-approvals issued two weeks ago may already be stale if rates jumped 10+ basis points. Reconnect with February buyers who paused and confirm their purchasing power hasn't eroded.
The market is operating in two speeds, per Realtor.com analyst Hannah Jones. Well-supplied markets (West and South) saw buyers negotiating concessions, while the Northeast and Midwest remain inventory-starved. Columbia falls into the first category. Local agents should leverage inventory growth to counsel sellers on realistic pricing and remind buyers they have more leverage than they did 12 months ago. DOM (Days on Market) will stretch if sellers price aggressively.
RISMedia warns the spring housing market may be delayed, not just slow, if the Middle East conflict lingers. Bright MLS Chief Economist Lisa Sturtevant notes sellers are holding off and buyers are questioning timing. If you banked on March listings to fuel April closings, prepare for a thinner pipeline than usual. Adjust Q2 revenue forecasts accordingly and double down on past-client outreach.
Indiana posted the worst foreclosure rate in the country, per WFYI. While this is not Columbia data, it signals economic stress in Midwest markets that could ripple into the Southeast if job markets weaken. Monitor Richland County's foreclosure filings via SCREC (South Carolina Real Estate Commission) quarterly reports and courthouse postings. If you work REO or distressed deals, now is the time to build relationships with asset managers before local volume ticks up.
National new home sales were solid in February, per Carmichael Times, but Lennar's profits fell 56% due to affordability pressures. Builders are bleeding margin to move inventory. For Columbia buyers eyeing new construction in Blythewood or Lexington, this is negotiation leverage: ask for closing cost credits, rate buydowns, or upgrades. Builders need to clear Q1 inventory before Q2 starts. For agents representing investors, watch for builder bulk deals on spec homes or finished lots.
Multifamily markets face headwinds as rents remained flat at $1,740 in February, with year-over-year growth dropping to 0.1%, per Yardi Matrix via Rental Housing Journal. Occupancy rates declined year-over-year in 28 of the top 30 markets. Demand drivers like immigration and job growth are weak, and absorption slowed in the second half of 2025. Columbia landlords should brace for continued rent stagnation in 2026. Lease renewals remain strong, so focus retention efforts on existing tenants rather than chasing aggressive rent hikes that will trigger vacancies. Cap rate (annual NOI divided by purchase price) compression has reversed; underwrite deals conservatively and assume flat or declining rents when modeling acquisitions.
A Manhattan multifamily refinance closed at $35.5 million for 48 units in Nolita, with a $40 million equity injection from Penn South Capital. This signals institutional capital is still flowing to stabilized multifamily, even if the trade is penciling thinner returns. Columbia investors chasing midsize apartment buildings should expect lenders to demand higher debt service coverage ratios (DSCR) and lower loan-to-value (LTV) than 2023 deals. Line up equity partners early if you're refinancing 2021-2022 vintage mortgages this year.
A major mixed-use tower near Downtown LA won approvals for 668 residential units (35% affordable), a 300-key hotel, and 105,000 square feet of office space. The project sits above a Metro station, leveraging California's SB 79 transit-oriented development law. Columbia's Bull Street redevelopment and the Vista offer similar mixed-use potential. If you represent developers or investors, monitor rezoning applications near USC campus and the State House for comparable plays. State-level policy shifts on affordable housing mandates could unlock similar density bonuses in Richland County.
Meridian Capital is marketing a fully leased 504,000-square-foot Queens office building with 30-year average tenant tenure and 98% occupancy. This illustrates the flight-to-quality trade in commercial real estate: institutional tenants anchoring stable assets still command premium pricing. Columbia's office market is softer, but properties near the State House or DDSN (Department of Disabilities and Special Needs) with long-term government leases should hold value. Avoid suburban Class B office with short-term private-sector tenants unless you can reposition for alternative uses.
Multifamily rents stayed flat in February, with national year-over-year growth at just 0.1%, per Yardi Matrix. Occupancy rates softened in 28 of 30 major markets. Columbia landlords managing USC student housing or Fort Jackson rentals should prioritize lease renewals over aggressive rent increases. Offer early renewal incentives (one-month free, waived fees) to lock tenants before the spring leasing season disappoints. Vacancy is expensive; retention is cheaper.
Seattle landlords saw insurance costs rise 84.6% between 2019 and 2024, hitting $62 per unit per month, per a Federal Reserve study. National average insurance costs climbed 76.5% over the same period. Columbia landlords should audit insurance renewals now: each dollar spent on premiums reduces net profit by roughly 75 cents. Shop carriers aggressively and consider raising deductibles or bundling policies to control costs. Property crime and weather-related claims drive premiums; invest in security systems and stormwater management to qualify for discounts.
Property managers using zero-tolerance screening policies face growing legal risk, per The Fair Housing Institute via Rental Housing Journal. Regulators scrutinize disparate impact: blanket bans on criminal records or low credit scores can unintentionally hit protected groups harder. Columbia landlords should adopt individualized assessment processes and document appeals. A low credit score from a one-time medical emergency is different from chronic non-payment. Build a review protocol with a compliance lead to evaluate "whole person" applications. Fair Housing Month is in April; audit your screening criteria now to avoid HUD complaints.
Tenant quality is declining as good tenants reject average rental properties, per Australian Property Investor Magazine. While this is Australian data, the principle holds: renters with options will bypass outdated units. Columbia landlords managing older properties near USC or in Five Points should invest in cosmetic upgrades (fresh paint, modern fixtures, washer-dryer hookups) to compete with newer inventory. If your units sit vacant beyond 30 days, price is not the only issue; inspect and upgrade.
NAR's pending home sales report showed a 1.8% February increase, but Chief Economist Lawrence Yun warned that higher oil prices could push mortgage rates back up, per RISMedia. The lock-in effect is thawing for some sellers, but the market's trajectory remains tied to global pressures. Columbia agents should prepare clients for rate volatility and counsel sellers on realistic pricing. The days of "list high and wait" are over; DOM will stretch if pricing is aggressive.
Fair housing compliance is shifting away from "zero-tolerance" policies toward individualized assessments, per The Fair Housing Institute. Landlords and property managers must document appeals processes and evaluate applicants holistically to avoid disparate impact claims. SCREC-licensed agents and brokers managing rental portfolios should review screening criteria with legal counsel before April (Fair Housing Month). HUD is hosting a live YouTube event on April 1 at 2 p.m. EST covering HUD updates, emotional support animals, and AI in fair housing; register and share with your team.
The Fed is not expected to cut rates at its March 18 meeting, per Mortgage News Daily. Rate volatility will continue to be driven by geopolitical events (Middle East conflict, oil prices) rather than Fed policy. Columbia agents should reset client expectations: rate relief is not coming from the Fed in Q2. Buyers who waited for sub-6% rates may need to accept 6.25%-6.50% as the new normal for spring 2026.