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April 4, 2026
Today: Richland County released February building permit data showing continued construction activity, national mortgage rates hit 6.46% (up from sub-6% five weeks ago), and unemployment dropped to 4.3% with construction adding 26,000 jobs nationwide.
The 30-year fixed mortgage rate climbed to 6.46% this week, the highest in seven months and a sharp reversal from the brief dip below 6% in late February. The Iran conflict is driving inflation fears and pushing rates higher. For Columbia buyers, this translates to a $117 higher monthly payment on a median-priced home compared to five weeks ago. The national median listing price fell 2.2% year-over-year to $415,450 in March, with active inventory up 8.1% to nearly 965,000 homes (the most since before the pandemic). Days on market increased by 4 days compared to last year. For Richland County agents, this means more inventory and softer pricing, but financing costs are cutting into buyer budgets. Focus buyer consultations on locking rates quickly if they find the right property, as continued rate volatility is likely. Realtor.com April Market Update
March employment came in stronger than expected with 178,000 jobs added and unemployment ticking down to 4.3%. Construction added 26,000 jobs nationwide, a positive leading indicator for housing supply and demand as spring ramps up. Year-to-date job growth is averaging 68,300 jobs per month, better than the last six months of 2025. Wage growth held steady at 3.5% year-over-year. The improving employment picture supports buyer ability to qualify for mortgages, but the rate spike from the war is the bigger headwind right now. Small businesses drove the majority of hiring in March, with firms under 19 employees adding 112,000 jobs, while larger companies (500+ employees) announced 4,000 terminations. For Columbia's market, stable local employment at Fort Jackson and USC should continue to support military and student housing demand even as national conditions fluctuate. Realtor.com March Employment Report | Commercial Observer Jobs Report
The 10-year Treasury yield rose 3-4 basis points after the jobs report, a measured reaction given the low Good Friday trading volume. Mortgage rates are responding more to inflation fears from the war than to employment data at this point. If the conflict extends for weeks (as indicated by recent statements), expect continued rate volatility. Advise buyers to get pre-approved with rate locks if they are serious about purchasing in the next 30-60 days. Mortgage News Daily Market Recap
Richland County released its February building permits listing, providing a snapshot of development activity across the Columbia metro. The permits cover both residential and commercial projects and are a key indicator of where new supply is entering the market. For agents working with investors or buyers looking at new construction, review the full permit list to identify neighborhoods with active development. New housing starts in neighborhoods near USC (Five Points, Shandon, Rosewood) or Fort Jackson (Northeast Columbia, Dentsville) are particularly relevant for student housing and military rental demand. Building permit data typically signals where prices may stabilize or soften due to increased supply in 6-12 months. Richland Source Building Permits
National data shows "stale listings" dominating the market as sellers struggle to find willing buyers. Homes are sitting longer, and price reductions are becoming more common in markets where sellers are unwilling to adjust to current rate conditions. In Columbia, this creates opportunity for buyer clients to negotiate on properties that have been listed for 45+ days. Pull DOM (Days on Market) data from the MLS and target listings that have been on the market longer than the 57-day national average. Sellers who listed in January or February when rates were lower may be facing buyer fatigue and are more likely to accept offers below asking. For seller clients, emphasize pricing competitively from day one to avoid becoming a stale listing. BiggerPockets Stale Listings
Multifamily filings in New York City hit a 12-year high in March with 11,984 planned apartments, driven by large projects in Hudson Yards and the Garment District. While this is a Manhattan story, it signals renewed developer confidence in rental housing even in a higher-rate environment. For Columbia's multifamily market, the takeaway is that institutional capital is still flowing to residential projects with strong fundamentals: stable cash flow, prime locations, and long-term demand drivers. Columbia's multifamily market benefits from USC enrollment (over 35,000 students) and Fort Jackson (steady PCS cycles), making it attractive to investors looking for secondary markets with lower cap rates than gateway cities. If working with clients looking at 4-8 unit multifamily properties near campus or military housing, emphasize the stability of the renter base. Commercial Observer NYC Multifamily
A Midtown East apartment building refinanced with a $37.5 million loan from Infinity Funds, highlighting that "capital continues to gravitate toward fundamentally sound assets in prime locations." The property has stable cash flow, a long-term ground lease, and a premier address. For Columbia investors, this reinforces that lenders are still active for well-located rental properties with strong occupancy and cash flow. If advising clients on refinancing rental portfolios in areas like Shandon, Rosewood, or near USC, emphasize occupancy rates and rent roll stability when approaching lenders. Downtown Columbia and the Vista are the local equivalent of "prime locations" and should command better financing terms. Commercial Observer Midtown Refi
South Florida saw its largest industrial deal of the year with a $220 million sale of a distribution center in Pompano Beach. Industrial real estate continues to attract institutional capital due to e-commerce demand and supply chain needs. For Columbia, the I-77 and I-26 corridors are the local industrial hotspots. If working with clients looking at warehouse or flex space investments, focus on properties with freeway access and proximity to the Port of Charleston (90 miles south). Industrial cap rates remain competitive compared to multifamily, and the sector is less sensitive to residential mortgage rate swings. Commercial Observer South Florida Industrial
Final walk-throughs are becoming a point of friction as buyers demand stricter adherence to contract terms. According to recent guidance, buyers can reasonably demand documentation showing all title issues and municipal matters are cleared, including proof of satisfied liens, closed permits, and resolved violations. For Columbia sellers, this means ensuring all building permits are signed off by Richland County before closing. If your client completed renovations or additions, verify permits are closed with the county to avoid last-minute delays. Buyers can also require escrow holdbacks if issues remain open at closing. For buyer agents, use the final walk-through to confirm all systems work, agreed repairs are complete, and the property is broom-clean. Missing appliances or unfinished repairs discovered at the final walk-through can derail closings or trigger renegotiations. Redfin Final Walk-Through Guide
Seller-paid closing costs are declining as a concession tool, and for good reason. On a $400,000 home, a 3% closing cost concession reduces net proceeds by $12,000. Raising the sale price to offset closing costs creates appraisal and financing risks, and lowers the buyer's financial commitment (which can increase deal fallout risk). For Columbia sellers in the current market, offering repair credits or flexible closing dates may be more effective than paying buyer closing costs. For buyer agents, be aware that lenders cap how much sellers can contribute (FHA, VA, USDA, and conventional loans all have limits), so structure offers accordingly. If a buyer needs assistance with closing costs, consider negotiating for specific repairs or credits instead of a blanket seller contribution. Redfin Seller Closing Costs
Northwest MLS filed counterclaims against Compass, alleging the brokerage's "three-phase marketing program" (pocket listings) violates Washington's Consumer Protection Act by hiding listing data from the public. Washington's Senate Bill 6091, effective in June, requires brokers to market properties broadly to the public and other brokers, mirroring MLS transparency rules. The case centers on whether off-MLS marketing suppresses sale prices by limiting exposure. For South Carolina agents, SCREC (South Carolina Real Estate Commission) does not currently mandate MLS listing, but best practice is broad public marketing to maximize seller proceeds. If a seller asks about off-MLS marketing or "coming soon" strategies, explain that limiting exposure typically results in lower sale prices compared to full MLS listing. Transparency benefits sellers and protects agents from potential claims of fiduciary breach. HousingWire Compass Counterclaim
NAHB Chairman Bill Owens launched "Blueprint to 100," a modernization initiative ahead of NAHB's 100th anniversary in 2042. The plan includes modernizing bylaws, reviewing the membership model, and developing a new strategic plan to ensure the association remains relevant as the industry evolves. For Columbia builders and remodelers, the initiative signals NAHB's focus on adapting to changing market conditions and member needs. Stay engaged with local HBA chapters to provide input as the federation reviews its structure and priorities. NAHB Blueprint to 100
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