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Today: National inventory climbed to 1.47 million with 4 months of supply, wage growth (3.6%) continues outpacing home price growth (0.9%), and the industry debate over private listings intensifies as control shifts from MLSs to seller-agent teams.
National inventory reached 1.47 million in April, up from the 860,000 low of 2022, with over 4 months of supply now available. This represents a significant shift from the savagely unhealthy levels of 2022 and marks a multiyear high. More inventory means better buyer positioning in Richland County, with sellers facing more competition and needing sharper pricing strategies. For Columbia agents, this inventory growth creates opportunity for buyer consultations and reduces the urgency premium that drove bidding wars in previous years. Source
Wage growth at 3.6% is outpacing home price growth at 0.9% year over year, which improves affordability over time and signals a healthier market correction. The NAR existing home median sales price index rose just 0.9% year over year while wages climbed nearly four times faster. For Columbia listings, this means buyers have more purchasing power relative to income than they did 12 months ago, but price appreciation expectations need adjustment. Adjust seller expectations accordingly and position listings competitively rather than testing the market ceiling. Source
Existing home sales came in at 4.02 million in April versus the 4.05 million forecast, showing continued demand stability despite mortgage rates near 7%. The 10-year Treasury yield climbed to 4.403% on Monday, adding upward pressure to mortgage rates. For Richland County buyers currently in contract, this rate environment means locking quickly when rates dip below 7% rather than waiting for further drops that may not materialize. Source
The debate over private listings is escalating as control shifts from MLSs and NAR to seller-agent teams who want marketing flexibility. Greg Hague of 72SOLD argues that private listings are not about hiding homes from buyers but about sellers and their agents controlling how, when, and through what channels a home reaches the market. Current MLS rules dictate photo order, prohibit agent branding in images, require specific field completion, and impose fines for delayed submissions. Hague's position is that sellers pay the commission and should control marketing strategy, not vendor organizations. For Columbia agents, this debate matters because it could open up strategic launch options, exclusive buyer networks, and differentiated marketing approaches beyond the standard MLS syndication model. Watch state-level SCREC (South Carolina Real Estate Commission) guidance on private listing disclosure requirements and fair housing compliance if this model gains traction. Source
Lenders are shifting from efficiency planning to execution in 2026, driven by tight margins and cost pressure. AI adoption has matured from disruption talk to practical use cases like reducing manual data entry, improving decisioning consistency, and accelerating loan processing. The phrase "human in the loop" dominates conversations, reflecting the industry's consensus that automation handles routine tasks while experienced professionals validate outcomes and manage exceptions. For Columbia agents working with local lenders, this means faster turnaround on routine loan files but continued scrutiny on exceptions and non-QM scenarios. Verification of income, employment, and tax data remains the most fragmented pain point across providers. Source
National luxury prices remain below year-ago levels, with the top 10% of homes starting at $1,274,423 in April, down 1.9% from April 2025. This marks the 25th consecutive month of year-over-year decline, though the pace of decline has slowed considerably from the 5%+ drops seen in late 2024 and early 2025. The million-dollar listing share edged down to 13.5%, off 0.6 percentage points from April 2025. For Columbia's luxury segment (Lake Murray estates, Forest Acres, Arcadia Lakes), this national trend suggests pricing discipline and realistic seller expectations are critical. Luxury homes at the 90th percentile are taking 59 days to sell, 1 day slower than April 2025, while ultraluxury (99th percentile) improved 11 days month over month but still lags last year's pace. If you have luxury listings in the $800K+ range, prepare for longer DOM (Days on Market) and position comps carefully against the previous 12 months rather than 2023 peaks. Source
Emerging luxury markets like Durham-Chapel Hill, NC (up 23.7% in million-dollar listings year over year) and Colorado Springs, CO (up 17.8%) are seeing active scaling, but Columbia is not mentioned in the emerging luxury analysis. This suggests Richland County's luxury segment is stable rather than accelerating. For investor clients considering luxury development or spec builds, the data supports caution. Stick to established luxury pockets with proven demand (Lake Murray waterfront, Forest Lake area) rather than speculative luxury plays in secondary locations. Source