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April 22, 2026
Today: National pending sales rose 1.5% despite rates climbing to 6.35%, South Carolina metros posted strong year-over-year gains in contract activity, and multifamily capital markets in the Southeast continued aggressive deployment despite elevated construction costs.
National pending home sales climbed 1.5% in March, the third consecutive month of annual inventory gains. The 30-year fixed rate dropped to 6.35% last week from 6.42%, boosting mortgage applications 7.9% week-over-week and 14% year-over-year. Purchase applications rose 10%, led by conventional loans up 11%. The South region led all areas with a 3.9% monthly gain and 2.3% year-over-year increase, the only region posting annual growth. This matters for Richland County because the combination of ample inventory, softening prices, and strong job growth creates the exact conditions NAR Chief Economist Lawrence Yun says "should lead to stronger housing market activity in the South this year."
Rates rose slightly to start this week as markets focused on uncertain US/Iran peace talks, with volatility remaining elevated. The rate movement was limited to a 0.04% range over the past week. For Columbia buyers, this means borrowing costs remain roughly half a percentage point below year-ago levels, preserving buying power gains even as geopolitical uncertainty continues.
Pending sales data showed Kansas City, Milwaukee, and Austin leading all major metros in year-over-year contract growth at 14.9%, 13.5%, and 12.8% respectively. Raleigh, Richmond, and Virginia Beach (all within driving distance of Columbia) posted gains between 8.5% and 10%. The pattern is clear: Southeast and mid-Atlantic markets with price cuts and job growth are absorbing demand. If you have buyer clients waiting for certainty, show them these numbers. Pent-up demand is converting to contracts right now.
National homebuilder D.R. Horton beat Q2 earnings with double-digit order growth despite what CEO Paul Romanowski called "affordability constraints and cautious consumer sentiment." Incentives now run at roughly 10% of revenue, no longer tactical but structural. The company reduced completed unsold inventory 35% year-over-year and is selling homes earlier in the construction process where margins are more defensible. For Columbia agents, this signals that new home buyers should expect aggressive incentives to continue indefinitely until rates drop or consumer confidence improves materially. Any buyer consultation should include new builds as a competitive option, not a fallback.
Toll Brothers acquired Buffington Homes of Arkansas, marking its first entry into the Fayetteville/Bentonville corridor. Buffington brought nine communities, pricing from the $400,000s to over $1 million, and control of 1,500 lots. Average selling prices run around $650,000. This is a signal that luxury builders are expanding into secondary markets with strong job stability and wealth profiles. Columbia's Fort Jackson and USC-adjacent submarkets fit that profile. Watch for similar platform acquisitions or partnerships in the Midlands over the next 12 months as national builders look for scalable entry points.
Buyers are asking about closing cost negotiations, and the answer is yes, but it depends on market conditions and deal structure. Seller concessions, lender credits, and third-party service comparisons (title insurance, surveys, settlement agents) are all in play. Fixed costs like recording fees and taxes are not. For Columbia buyers in the current inventory environment, seller concessions are more realistic than they were 12 months ago. Use that leverage in buyer consultations, especially with listings that have been on the market longer than the local median DOM (Days on Market).
Southeast multifamily capital markets remain active despite elevated construction costs and choppy rate movements. CedarSt Companies secured $56 million for a 215-unit development in Fort Lauderdale's Flagler Village, including 5,750 square feet of ground-floor retail and 354 parking spots. The project sits in an opportunity zone, allowing owners to defer or reduce capital gains taxes. Mesa West provided $50.5 million to refinance a 308-unit Jacksonville complex, citing population growth and consistent rental demand with the city absorbing over 5,000 units in 2025. Both deals underscore that lenders are comfortable deploying capital into Southeast multifamily projects in submarkets with strong absorption and improving fundamentals.
For Columbia investors, Jacksonville's 5,000-unit absorption in 2025 provides a useful comp. If Richland County is tracking similar absorption relative to population, stabilized assets with strong occupancy are positioned to benefit from slowing deliveries and continued leasing momentum. Reach out to clients with existing multifamily holdings and discuss whether now is the time to refinance or leverage equity for additional acquisitions before construction costs climb further.
Investcorp acquired a 463-unit portfolio across Los Angeles and New York for approximately $200 million, including two senior living facilities and one multifamily complex in New Jersey. Average occupancy was 94% at the end of 2025. The firm plans to invest over $1 billion in senior housing over the next three years, citing the nation's rapidly growing senior population and stalling inventory growth. This is a direct signal for Columbia agents with investor clients: senior housing is attracting institutional capital at scale. If you have access to land near medical facilities or in stable residential corridors, start conversations with developers focused on senior living product.
Middleburg hired Lindsay Lechner as managing director and head of capital markets to support 52 projects with 18,000 units in the pipeline. The firm is expanding from mid-Atlantic into Arizona, Colorado, and Texas. Institutional investors want platforms that can deliver high-quality projects at scale in high-growth corridors. Columbia sits in a high-growth corridor with strong job stability and improving infrastructure. If you have developer relationships, this is the time to position the market as a viable expansion target for vertically integrated platforms.
NAR released its Q1 strategic plan update, outlining progress on affordable housing, Realtor brand protection, and broker relationships. Key developments include Senate passage of the 21st Century ROAD to Housing Act, formation of NAR's brand protection team, launch of smallbroker.realtor for smaller brokerages, over 14 broker summits nationwide, integration of Realtors Property Resource (RPR) into Realtor.com+ MLS product, and sunsetting of eight governance bodies to streamline NAR governance. CEO Nykia Wright emphasized that "rebuilding trust requires more than words, it requires visible progress." For Columbia agents, this means the association is actively responding to member feedback after a period of scrutiny. Watch for updated MLS policies, commission disclosure forms, and education platforms over the next two quarters.
AI is not to blame for the housing crisis, despite state and local legislators targeting AI-powered rental platforms and property management software like RealPage. Freddie Mac estimates a shortage of 3.7 million housing units nationwide, and Realtor.com puts the gap at over 4 million homes, explicitly linking the shortfall to zoning rules, permitting delays, and regulatory barriers. The DOJ's AI Litigation Task Force will identify and challenge state laws targeting artificial intelligence, including those deemed inconsistent with federal policy. The message for Columbia agents: lack of housing supply is the primary driver of high rents, not technology. Advocate for pro-construction policy at the local level instead of scapegoating efficiency tools.
Federal Reserve Chair nominee Kevin Warsh testified before the Senate Banking Committee, stating he will not yield to President Trump on rate decisions and will divest most assets under an ethics agreement. The hearing was confrontational, but Warsh's commitment to Fed independence suggests monetary policy will remain data-driven regardless of political pressure. For Columbia agents, this means rate movements will continue to track inflation and employment data, not election cycles. Build that into client expectations around timing purchases or refinances.