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Monday, April 14, 2026
Today: Richland County released March building permits data, national existing-home sales dropped 3.6% with median prices climbing to $408,800, and mortgage rates held steady near 6.40% despite Middle East tensions.
Existing-home sales fell 3.6% in March to a 3.98 million annual pace, marking the slowest March since 2009. The median home price climbed 1.4% year-over-year to $408,800, continuing 33 consecutive months of price increases. National inventory sits at 1.36 million units (4.1 months supply), up 2.3% from last year but still constrained. What this means for Richland County: While national sales are sluggish, inventory improvements give buyers more negotiating room. If you have listings sitting at inflated asking prices from February, this is the week to adjust pricing strategy and highlight concessions. NAR Existing-Home Sales Report, Realtor.com Analysis
Mortgage rates held near 6.40% for the third straight day after volatility from Middle East conflict headlines. Rates spiked to 6.64% on March 27 and have since moderated. The 30-year conforming fixed rate index sits at 6.35% per Optimal Blue's March report. Purchase lock volume jumped 38% month-over-month despite rising rates, signaling resilient spring demand. Action item: Buyers who locked rates in late March dodged the spike. If you have clients waiting for sub-6% rates, show them the total cost comparison: today's negotiating leverage on price and concessions often outweighs a 50-basis-point rate advantage in a seller's market. Mortgage News Daily Rate Update, Optimal Blue March Report
Regional variation is stark. The Northeast saw median prices jump 5.7% year-over-year but sales dropped 12.2%. The South (which includes South Carolina) posted moderate price gains of 0.8% with sales up 2.2% year-over-year. Realtor.com's Market Clock shows 40% of metros still favor sellers, 33% are balanced, and 27% lean buyer-friendly. The South and West are shifting toward buyer conditions faster than other regions. Columbia agents: Use the Market Clock data to frame buyer consultations. If your clients see national headlines about declining sales, explain that the Midlands market dynamics differ from distressed Northeast metros. RISMedia Market Analysis
Appraisal gaps are widening in 2026, but in the opposite direction: only 10% of appraisals are coming in below asking price, with many exceeding contract prices. This creates loan restructuring headaches when appraisals overshoot. Climate-impacted markets have fewer comps due to insurer pullouts. AVMs (Automated Valuation Models) are speeding up processing but accuracy suffers when data is sparse. Action item: Build appraisal gap contingencies into loan structures from day one, either through insurance or higher down payments. Don't wait for the surprise. HousingWire Appraisal Gap Analysis
Richland County released March building permit data, though details are limited from the feed headlines. Building permits nationally are down: Canada saw an 8.4% drop in February, and federal housing program promises have not materialized in construction activity. Contact Richland County's Building Inspection Services to pull the March permit list and cross-reference with MLS data. New construction permits signal where investor activity is concentrating. If permits are down in Richland County, that confirms the national trend and means less new supply competing with existing inventory. Richland County Building Permits (March)
A proposed sale of Brighton Industrial Park property in Chapin is raising concerns, per WLTX reporting. Chapin sits on Lake Murray in Lexington County and has seen commercial development pressure as Columbia's suburbs expand. Industrial park conversions or sales often precede rezoning fights. If the sale involves residential conversion, expect pushback from neighbors over traffic and infrastructure. Track this at the Lexington County Council meetings. Commercial-to-residential conversions can unlock land value, but they also signal inventory tightness when industrial users get priced out. WLTX Chapin Industrial Park Story
No direct Columbia commercial deals today, but South Florida saw $72 million in bridge debt close for a 235-unit luxury apartment refinance in Sunrise, Florida. Dwight Mortgage Trust used the first delayed-draw C-PACE (Commercial Property Assessed Clean Energy) structure in Tennessee for a Nashville multifamily project, signaling that creative financing is back for ground-up development. C-PACE debt is long-term, fixed-rate, and nonrecourse, making it attractive for developers who can stomach the energy efficiency requirements. South Carolina adopted C-PACE legislation in 2020 but uptake has been slow. If you have multifamily developer clients, point them to C-PACE for renovation or new construction financing. Three-year look-back period means retroactive eligibility. Commercial Observer South Florida Refi, Commercial Observer Nashville C-PACE Deal
Selling a rental property with tenants is legal but not simple. The lease stays in place even after sale, meaning the buyer inherits the tenant and must honor lease terms. Month-to-month leases give more flexibility. South Carolina landlord-tenant law requires proper notice (typically 30 days for month-to-month, lease terms for fixed). Forcing a tenant out without due process invites lawsuits. If you want the property vacant, negotiate early termination with relocation assistance (often several months' rent). Do not skip legal counsel. Offering relocation funds without a signed agreement leaves you paying money and still fighting for possession. Action item: If you have rental property sellers, walk them through the lease review and notice requirements before listing. Vacant properties sell faster but cost more upfront. Redfin Guide: Selling With Tenants
Realtor.com's 2026 Spring Seller Survey shows 39% of sellers expect to make concessions, up from 30% in 2025. That 9-point jump signals buyers have more leverage. Rental property investors need to factor this into exit planning. If you bought in 2021-2022 at peak prices, you may face a below-ask sale unless the property is in a tight submarket. Columbia's rental vacancy rates have been climbing as student housing supply near USC increased. Landlords with older properties near campus should consider capital improvements before listing to compete with new inventory. Realtor.com Seller Survey
The White House Economic Report cited NAHB data showing the 2021 International Energy Conservation Code (IECC) adds up to $31,000 to new home prices with a 90-year payback period for buyers. NAHB won a federal court ruling blocking HUD and USDA from mandating the 2021 IECC and ASHRAE 90.1-2019 standards for federally backed housing programs. Builders argued the mandate would kill affordability. The ruling preserves flexibility for now, but watch for future legislation. South Carolina builders using FHA or USDA financing can continue building to current code without the federal energy mandate. Action item: If you work with new construction clients, confirm their builder is not preemptively adopting the 2021 IECC, which would inflate costs unnecessarily. NAHB White House Report Analysis
NAR trimmed its 2026 home sales outlook due to rising mortgage rates. Even with modest sales growth, prices continue rising due to minimal inventory growth. Housing affordability improved year-over-year in all regions: the South saw a 10% increase in NAR's affordability index. The index sits at 113.7 nationally, down from February but up from 104.2 a year ago. Higher affordability means buyers can qualify for more house at current rates compared to last year, driven by income growth outpacing price growth. Columbia agents: Use the affordability index to counter "rates are too high" objections. Buyers today can afford more house than they could in March 2025 despite higher rates. NAR Affordability Data
Georgia's Low-Income Housing Tax Credit (LIHTC) program survived a legislative push to cut the state credit from a full federal match to 50%. The bill died before adjournment, preserving the one-to-one match for affordable housing developers. South Carolina offers a LIHTC program but does not provide a state match. If Georgia had cut its credit, South Carolina would have become more competitive for affordable housing projects. Watch Georgia's 2027 session for a renewed push. Developers targeting workforce housing in Columbia should prioritize federal LIHTC allocations through SC State Housing Finance and Development Authority. HousingWire Georgia LIHTC Update