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Today: Mortgage rates held at 6.61% (lowest in two weeks), national median list prices dropped 2.4% year-over-year for the 19th straight week, and the battle between Zillow and MLSs escalated as Nashville's Realtracs prepares to cut Zillow's feed June 1.
The 30-year fixed rate held at 6.61%, the lowest level since May 14. Mortgage News Daily reports the bond market briefly improved on news of a potential Iran peace deal before reversing, but rates stayed flat. For Richland County buyers, this pause offers a window to lock in pricing before summer volatility hits. The MBA reported mortgage applications dropped 8.5% week-over-week as rates climbed to 6.65% in the prior week, with refinances down 18% and purchase apps down 0.4%. RISMedia notes all loan types saw declines, but purchase activity still ran 5% ahead of last year.
National inventory climbed just 2.2% year-over-year, the slowest growth since early 2026. Realtor.com reports homes are spending just one additional day on market compared to last year, suggesting buyers are absorbing available supply despite soft demand. For Columbia agents, this means pricing strategy matters more than ever. The national median list price fell 2.4% year-over-year, marking the 19th consecutive week of declines. Realtor.com notes sellers are listing at more realistic prices from the start rather than listing high and cutting later. Price reductions are falling year-over-year, a sign of adjusting expectations, not true market weakness.
Action item: With rates stable and pricing pressure easing, June closings scheduled now lock in favorable conditions before the summer market heats up. Contact clients who paused searches in April.
No USC or Fort Jackson-specific articles appeared in today's feeds, but the national homeownership affordability crisis offers context for local student housing demand. Mortgage News Daily breaks down the math: median home prices rose from $274,900 in Q4 2019 to $414,900 in Q4 2025, pushing monthly payments from $1,566 to $2,024 at current rates (assuming 20% down). For Columbia, this means USC students and young Fort Jackson personnel increasingly turn to rentals rather than starter home purchases, supporting demand in Five Points, Rosewood, and areas near base housing.
Delaware's persistent foreclosure ranking offers a case study in judicial versus non-judicial foreclosure states. The News Journal reports Delaware consistently ranks highest for foreclosures. South Carolina's non-judicial foreclosure process moves faster than judicial states, meaning distressed properties hit the market sooner. For Columbia investors, courthouse auctions and pre-foreclosure contact remain viable deal sources, particularly in older suburban inventory where deferred maintenance compounds equity loss.
Florida's AI-driven building permit processing shows where efficiency gains are heading. Propmodo reports AI is transforming permit processing after storms created backlogs. Richland County and Lexington County have not adopted AI permit review, meaning permit timelines remain 4-8 weeks for standard residential projects. For developers, this lag creates predictable advantage for those who submit complete plans upfront rather than relying on rapid back-and-forth corrections.
Redfin breaks down seller closing costs: 1-3% of sale price before agent compensation. Transfer taxes vary by state. South Carolina charges 0.185% of the sale price (deed stamps), split between buyer and seller unless negotiated otherwise. For a $300,000 home in Columbia, that is $555 total, or $277.50 per side. Sellers should budget an additional 1-2% for title fees, prorated taxes, and HOA transfer fees. The article notes sellers in tight markets are increasingly offering concessions, rate buydowns, and repair credits. For Columbia agents, this means discussing net proceeds upfront to avoid surprises at closing.
A $351 million multifamily refi across four states signals where institutional capital is flowing. Commercial Observer reports Harbor Group, Garrett Companies, and Telis Group refinanced eight suburban multifamily assets (1,572 units) developed between 2024 and 2026 in Colorado, Minnesota, Indiana, and Arizona. Occupancy ranges from 50-90%, meaning the loan provides runway to stabilize properties still in lease-up. For Columbia investors, this confirms institutional appetite for suburban multifamily despite slower absorption. New construction in Lexington County and Northeast Richland County (Blythewood, Elgin) follows similar suburban patterns and should attract similar capital once stabilized.
Affordable housing preservation is emerging as the stronger risk play over new development. Commercial Observer reports rising construction costs, insurance pressure, interest rate volatility, and labor shortages have changed the economics of ground-up development. Institutional investors are focusing on recapitalizations, general partner stake sales, and long-term repositioning of existing affordable assets. For Columbia, this means aging LIHTC (Low-Income Housing Tax Credit) properties approaching the end of compliance periods are acquisition targets for groups that can navigate recapitalization and extended affordability restrictions. The article notes the U.S. faces a shortage of 7 million affordable homes for extremely low-income renters, with only 35 affordable units available per 100 households in need.
NYC Mayor Mamdani's $22 billion affordable housing plan pledges to build 200,000 new affordable homes and preserve 200,000 more. HousingWire reports the plan includes $5.6 billion for NYCHA repairs, roof-to-cellar inspections of worst landlords, and a 90-day public review cap (down from seven months) for affordable housing projects in 12 underbuilt districts. The takeaway for Columbia: density and regulatory streamlining drive production. South Carolina's lack of statewide rent control and lower construction costs position the Columbia market favorably for private affordable development, but local zoning still throttles density in established neighborhoods.
Entrata, a multifamily property management software provider, filed for a NYSE IPO. TradingView reports the filing signals continued institutional interest in property management tech. For Columbia landlords managing 10+ units, integrated software (rent collection, maintenance tracking, tenant screening) is shifting from nice-to-have to table stakes as institutional operators raise service standards and compress margins for unsophisticated landlords.
Homeowners insurance costs continue climbing, reshaping buyer budgets. HousingWire reports 71% of U.S. homeowners say insurance costs have increased, with premiums up 24% from 2021 to 2024. Florida and California remain hardest hit, but Midwest and Southeast markets are seeing meaningful increases due to severe convective storms (tornadoes, hail, wind). South Carolina's hurricane exposure and increasing inland storm frequency mean Columbia buyers face rising insurance costs even outside coastal flood zones. A 10% rise in insurance premiums is associated with a 4.6% decline in housing prices. For agents, insurance costs are now a closing table risk factor requiring upfront discussion, not an afterthought.
Pennsylvania lawmakers are moving to regulate home equity investment (HEI) products, with a floor vote scheduled June 1. HousingWire reports House Bill 2120 would subject shared appreciation agreements to banking oversight, including disclosure requirements and foreclosure protections. The industry argues HEIs are not loans (no monthly payment, no interest rate), so applying APR rules doesn't fit. Critics say homeowners who don't understand long-term consequences can tie up their largest asset in contracts that pay far more than the upfront cash received. For Columbia agents, HEI products are appearing as cash-out alternatives for homeowners who can't qualify for traditional HELOCs. Understanding the difference between a loan and an equity-sharing agreement is now a fiduciary requirement when clients ask about accessing home equity.
Reverse mortgages (HECM, Home Equity Conversion Mortgage) offer optional payment flexibility most homeowners don't realize exists. HousingWire explains adjustable-rate HECMs allow voluntary partial prepayments at any time without penalty. When payments are made, three things happen: loan balance decreases, home equity increases, and the available line of credit increases dollar-for-dollar. Unlike traditional HELOCs, the HECM line cannot be frozen due to declining home values (as long as borrower obligations are met). For Columbia retirees with significant home equity and limited cash flow, HECMs are a strategic planning tool, not a "last resort" loan. Agents should understand HECM mechanics to discuss options with aging clients before financial stress forces rushed decisions.
The Zillow-MLS wars escalated sharply. Realtracs (Nashville) announced it will cut Zillow's feed June 1 unless Zillow complies with new IDX rules requiring all publicly marketed listings to appear in search results matching buyer criteria. RISMedia reports Zillow's internal policy bans certain seller marketing practices, which has resulted in dozens of banned Realtracs listings. Zillow argues MLSs are enforcing "pretextual" rules as part of a coordinated campaign initiated by Compass CEO Robert Reffkin. Realtracs joins Chicago's MRED, which temporarily restored Zillow's feed under court order. RISMedia reports Bright MLS (nation's largest) is partnering with Compass and tweaking rules to allow more pre-marketing flexibility. For Columbia agents using Carolina MLS, this means watching how local policy responds to private listing pressure. If Zillow loses access to major feeds, seller exposure drops, but alternative syndication options (Homes.com, Realtor.com, direct broker feeds) remain.
Matterport and Zillow continue their standoff over 3D tours. HousingWire reports CoStar (which acquired Matterport in April 2024) claims Zillow can display Matterport tours without legal risk, but Zillow refuses without an "executed promise" that CoStar won't sue. Zillow pulled Matterport tours in October 2025 and now accepts tours from other vendors plus its own Zillow 3D Home product. CoStar president Rob Hines issued a signed declaration: "Matterport customers own the Matterport tours they create and they can post them wherever they want, and CoStar Group will not sue Zillow for displaying them. WE PROMISE." Zillow has not responded. For Columbia agents, this means using alternative 3D tour providers or Zillow's own product for listings where Zillow syndication matters.
HouseWhisper launched Lead Engine and Rules Engine, AI tools to automate lead engagement and improve routing. RISMedia reports Lead Engine reactivates dormant database contacts through AI-powered one-to-one conversations, while Rules Engine routes leads by location, zip code, language, price range, and agent availability. The platform reports 250 teams and 7,000 agents since launching in 2025. For Columbia brokerages managing buyer lead flow from Zillow, Realtor.com, and paid sources, AI-driven nurture and routing is shifting from competitive advantage to baseline expectation.
A new study shows homebuyers value digital mortgage solutions, particularly eSigning and self-scheduling. HousingWire reports 52% of respondents used eSigning for some or all closing documents, but 88% (including 92% of millennials) would like to. Buyers expect closings in two weeks or less (35%) or three to four weeks (36%). Gen Z and millennials prioritize speed, while baby boomers used eSigning more than any other generation (62%). For Columbia lenders and agents, offering eSigning, remote online notarization (RON), and self-scheduling is now a client acquisition factor, not a nice-to-have.