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Tuesday, June 3, 2026
Today: National mortgage rates dipped to 6.57%, listing prices fell 2.4% year-over-year (the steepest decline since 2017), and Pennsylvania's ADU bill cleared the House with bipartisan support, setting a precedent that could ripple through the Southeast.
National mortgage rates declined to 6.57% for 30-year fixed loans as of last week, down from 6.65%, according to the MBA. Despite the slight relief, purchase applications dropped 3% week-over-week and refinance activity fell 2%. This marks the slowest purchase application pace since April. The pullback matters for the Columbia market because national rate movements set the floor for local buyer activity. When purchase apps decline nationally, Richland County feels it in showing traffic and offer volume within days.
Mortgage News Daily reports top-tier rates at 6.57%, the lowest level in over two weeks. Bond yields tracked oil prices throughout the day, with minimal reaction to job openings data. The takeaway for agents: rates are stable but not falling meaningfully. Adjust buyer expectations accordingly, and focus conversations on payment strategies rather than waiting for sub-6% rates that are not arriving this quarter.
Mortgage rates are easing slightly, but homebuyers are retreating Mortgage Rates Move Modestly Lower
National median list prices fell 2.4% year-over-year in May, the steepest decline in Realtor.com data since 2017. Prices per square foot dropped 2.5%, and 35 of the top 50 metros saw year-over-year price declines. This is not a crash. It is sellers pricing to current conditions rather than testing the market ceiling. The share of listings with price cuts actually declined by 1.6 percentage points, which signals sellers are using market signals as price discovery, not panic-selling. Richland County sellers should follow this lead. Price competitively from day one, skip the 10% cushion for negotiation, and move inventory while buyer demand is still present. Overpriced homes are sitting, and the data confirms it.
Pending sales rose for the sixth straight month nationally (+4.3% YoY), and new listings hit the highest May level since 2022 (+2.1% YoY). Buyers are showing up when prices are within budget. The Columbia market should expect similar dynamics. If your listings are priced right, they will move. If they are not, prepare for extended DOM (Days on Market) and eventual reductions.
May 2026 Monthly Housing Report: Sellers Are Meeting the Market - and Buyers Are Showing Up
Single-family construction declined across all regions in Q1 2026 due to economic uncertainty, elevated interest rates, and high material costs, per NAHB. Large metro core counties contracted 16% year-over-year, while outlying counties in small metros gained 1.9 percentage points in market share compared to a decade ago. The pattern is clear: buyers are chasing affordability in rural and suburban areas, not high-density urban cores. Richland County benefits from this shift, but Lexington County's outlying areas (Chapin, Irmo, Blythewood) are the real winners. If you represent buyers priced out of downtown Columbia or Forest Acres, redirect them to these submarkets where construction activity and inventory are growing.
Economic Uncertainty Slows Single-Family Construction Across All Geographies
No USC-specific articles today, but national college town trends remain relevant. One piece noted that housing prices could surge in certain college towns, though it lacked specifics. Columbia's student housing market is driven by USC enrollment cycles, off-campus demand in Five Points and the Vista, and Fort Jackson PCS cycles. If you work the USC rental market, watch enrollment announcements and apartment occupancy rates in the Five Points corridor. Rising rents in that submarket signal tightening supply, which creates opportunities for small multifamily acquisitions or conversion of single-family homes to rental properties near campus.
Housing Prices Could Surge in These College Towns, Realtors Say
Building permit data from multiple cities came through today, though none specific to Columbia or South Carolina. Mobile, Alabama is considering a $20 fee on permits to fund a skills academy. Mountain Home issued $2.5 million in permits in May. New Zealand saw a 10.9% month-over-month increase in residential permits. The signal here is that permit activity is climbing in some markets, which suggests construction is not dead despite high rates. Richland County permit data will lag by a month, but when it arrives, watch for increases in single-family permits in Blythewood and Lexington County. Those areas are seeing the demographic shift from urban cores to affordable suburban construction.
Mobile City Council considers additional $20 fee on building permits for skills academy
National new-home sales data shows the sales pace picking up in March, though prices plummeted. The disconnect between rising volume and falling prices is the story of this cycle. Builders are moving inventory by cutting prices and offering incentives, which pressures resale comps. If you represent sellers competing with new construction in markets like Chapin or Northeast Columbia, your pricing needs to account for builder incentives. Do not assume your resale home can match new-construction pricing without concessions.
New-Home Sales Pace Picks Up, Price Plummets in March
Ares Capital Management provided an $86.25 million refinancing for Dutch House, a 186-unit multifamily property in Long Island City, Queens. The asset is fully leased, and the refinancing reflects continued demand for best-in-class multifamily in high-performing submarkets. The relevance to Columbia: multifamily refinancing activity signals that lenders are still active for stabilized assets. If you represent multifamily owners in the Vista or downtown Columbia, this is the environment to refinance before rates climb again. Lenders want stabilized, leased properties, and they are writing checks for them.
Ares Provides $86M Refi for Long Island City Multifamily Property
Google renewed 410,556 square feet at 315 Hudson Street in Manhattan, a major lease renewal signaling that large tenants are still committing to office space in high-density markets. The Columbia commercial market is not Manhattan, but the principle matters: tenants are renewing when the space works, and landlords are holding firm on rents for quality inventory. If you represent commercial tenants in downtown Columbia, expect landlords to hold on renewal terms. Concessions exist, but only for tenants willing to walk. For landlords, this renewal confirms that quality office space still commands tenant commitment even in uncertain economic conditions.
Google Quietly Signs 411K-SF Lease Renewal at 315 Hudson Street
CoStar Group is acquiring Zonda for $800 million, and Berkshire Hathaway is buying homebuilder Taylor Morrison for $8.5 billion. Both deals confirm that institutional capital is betting on the homebuilding and housing data sectors despite elevated rates and economic uncertainty. For Columbia-area investors, the message is clear: the housing shortage is real, and the players with the most data and the longest time horizons are doubling down on new construction and market intelligence. If you represent land sellers or homebuilders in Richland or Lexington counties, this is validation that the new-construction pipeline is not slowing down. Institutional buyers are coming, and they are paying cash.
Why CoStar, Berkshire Hathaway are betting big on homebuilding Why Taylor Morrison's integration playbook matters in builder M&A
BOXABL expanded its offerings beyond the Casita ADU to a full "kit-of-parts" modular platform that can configure 20+ home types, from ADUs to single-family homes to garden apartments. The Phase 2 catalog includes standardized steel modules that ship folded and install on-site in under an hour. This matters for Columbia because modular construction could unlock infill opportunities in urban Richland County where traditional site-built construction is too slow or too expensive. If you represent developers or builders exploring ADU or workforce housing projects, this is a platform worth tracking. The regulatory approval timeline is unclear, but the concept is real, and the cost savings could reshape the entry-level and rental markets.
BOXABL expands offerings with 'kit-of-parts' modular platform
No Columbia-specific rental or property management articles today. National trends show rental markets remain resilient, but the same pressures affecting single-family construction (high rates, material costs) are beginning to affect multifamily development. If you manage rental portfolios in Columbia, watch for signs of slowing new multifamily construction, which will tighten supply and support rent growth in the medium term. The short-term pressure is on vacancy rates if the economy slows, but the long-term outlook favors landlords with quality inventory in growing submarkets like Northeast Columbia and Lexington County.
Connecticut signed a law requiring listings to be publicly marketed unless the seller opts out via a signed form. New York's state Senate passed a similar bill. Both measures restrict private listing networks, mandating that listings be added to public platforms (MLS, websites) concurrently with or prior to any private marketing. The exception is a seller-signed opt-out form that explicitly warns of potential consequences (lower sale price, longer time on market). Washington and Wisconsin already have similar laws. The trend is clear: private listings are being legislatively restricted, and South Carolina could be next. SCREC (South Carolina Real Estate Commission) has not signaled movement on this yet, but agents should prepare for the possibility. If you market off-MLS listings, document the seller's informed consent and disclose the risks in writing.
New York, Connecticut Push Forward on Laws Limiting Private Listings
Compass defended its private listing practices in a filing against Northwest MLS, arguing that the MLS has not shown concrete injury and that fewer than 0.05% of listings in the database were Private Exclusives before the practice was halted. The filing also notes that a new Washington law (effective June 11) restricts private marketing, but Compass claims its 3PM (three-phase marketing) model fully complies. The relevance to Columbia: private listing lawsuits are accelerating, and MLSs are pushing back hard. If you use private exclusives or pocket listings, expect MLS rules to tighten and legal scrutiny to increase. The safest path is public marketing unless the seller explicitly opts out in writing.
Compass Defends Private Listings in NWMLS Suit
Pennsylvania's House passed an ADU bill (HB 2186) requiring municipalities statewide to allow one accessory dwelling unit per residential lot by right, with no special exceptions or variances required. The vote was 139-62, with significant Republican support. The bill now moves to the Republican-controlled Senate, where passage is uncertain. If it becomes law, Pennsylvania joins California and about 10 other states in preempting local zoning to allow ADUs by right. South Carolina has no statewide ADU law, leaving rules entirely to local governments. Columbia and Richland County allow ADUs in some zones, but the permitting process is slow and discretionary. If Pennsylvania's bill becomes law, expect similar legislation to be introduced in the Southeast. For Columbia-area agents and developers, this is a trend to watch. ADU-friendly zoning could unlock significant infill opportunities in established neighborhoods near USC, downtown, and Fort Jackson.
Pennsylvania ADU bill clears House, heads to Senate
U.S. District Judge Lindsay C. Jenkins granted preliminary approval of opt-in settlements in the buyer commission class-action case Tuccori v. At World Properties. The settlement includes NAR, Compass, Anywhere, eXp, Realty ONE, Douglas Elliman, HomeServices, and others. Homebuyers who purchased during the class period will receive compensation at nearly the same rate as the Burnett seller settlements. The case centers on antitrust allegations regarding commission-setting practices and MLS rules. For Columbia agents, this is another reminder that commission transparency is now the standard. Buyer representation agreements, clear compensation disclosures, and documented value propositions are non-negotiable. If you have not updated your buyer consultation scripts and agreements, do it this week.
COURT REPORT: Court Grants Preliminary Approval of Buyer Settlements
William Pulte, the 38-year-old FHFA director appointed by President Trump, was named acting Director of National Intelligence, overseeing the CIA, NSA, and parts of the FBI. Pulte will continue serving as FHFA director and chair simultaneously. His tenure at FHFA included pushing for deregulation, proposing 50-year mortgages, allowing crypto for mortgage qualification, and sending criminal referrals for alleged mortgage fraud. The move is politically significant but operationally unclear for housing policy. For Columbia agents, the takeaway is that FHFA leadership is in flux, and any major policy changes (GSE conservatorship, credit score reforms, underwriting standards) will likely stall until a permanent FHFA director is confirmed. Do not expect major shifts in Fannie Mae or Freddie Mac guidelines in the near term.
FHFA Chief Pulte Named Acting Director of National Intelligence
A coalition of fair housing groups sued the CFPB to block a new anti-discrimination lending rule, claiming it will lead to rampant discrimination and roll back decades of fair housing protections. The lawsuit was filed by the National Fair Housing Alliance, Rise Economy, BLDS LLC, and SolasAI. Details on the rule are sparse, but the suit signals that fair housing enforcement is under pressure. For Columbia agents and lenders, fair housing compliance is non-negotiable regardless of federal rule changes. Document all marketing, lead generation, and client interactions to ensure compliance with the Fair Housing Act. If the CFPB rule is blocked, expect enforcement to tighten, not relax.
Fair Housing Groups Sue CFPB to Block New Anti-Discrimination Lending Rule
Bottom Line: Rates are stable but not falling. National list prices are dropping because sellers are pricing to current conditions, not panic-selling. Buyers are showing up when prices are right. Columbia sellers should follow this lead and price competitively from day one. Private listings are under legislative and legal pressure, so document seller opt-outs in writing. ADU legislation is advancing in Pennsylvania, which could ripple through the Southeast. Commission lawsuits are settling, and buyer representation agreements are mandatory. If you have not updated your buyer consultation process, do it this week.