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Date: June 10, 2026
Today: National existing-home sales jumped 3.2% to 4.17 million in May with first-time buyers hitting 35% (highest since June 2020), mortgage rates held steady at 6.68%, and regulatory costs on new builds now add $131,734 per home (up 40% in five years).
National existing-home sales climbed to 4.17 million units in May, up 3.2% from April and 3.2% year-over-year, the strongest pace since December. The South led regional gains at 5.9% year-over-year growth. National median price hit $429,300, up 1.3%, while inventory grew for the fourth consecutive month to 1.55 million units (4.5-month supply). For Columbia agents, this means national momentum is building, but the South's outperformance suggests Richland County may be seeing stronger activity than the national average. Confirm local inventory levels and pricing trends with your MLS data to position listings competitively.
First-time buyers made up 35% of May sales, the highest share since June 2020, up from 30% a year ago. This signals renewed entry-level demand driven by modest affordability improvements (NAR's affordability index rose to 105.6 from 97.5 last year). In Columbia, where USC student housing transitions and Fort Jackson PCS cycles create constant entry-level churn, this is your cue to reach out to renters in Five Points, Rosewood, and near-base neighborhoods. Price gains are decelerating (1.3% vs. earlier double-digit increases), which means buyers are less spooked by runaway appreciation. Homes are moving faster (29 days on market vs. 32 in April), so prep listings for speed.
Mortgage rates held perfectly flat at 6.68% on Monday after a brief spike following Friday's jobs report. Lenders saw no rate changes through Monday, though Tuesday's CPI release could shift that. For active deals, lock rates now if closing is more than 30 days out. The stability is fragile, and any inflation surprise could push rates higher. Bonds ended stronger on Tuesday, suggesting potential for modest rate relief, but war-related headlines continue to inject volatility.
Regulatory costs on new single-family homes jumped 40% in five years, adding $131,734 to the average new home price (26.4% of the $499,500 average sales price). Building permit fees and updated codes drove the increase, with construction-phase costs rising from 13.3% to 17.0% of total price. In Columbia, where new-build subdivisions in Blythewood and Lexington compete with resale inventory, this cost pressure widens the gap between new and existing homes. Emphasize the value proposition of resale homes to buyers priced out of new construction.
First-time buyer activity at 35% of sales creates opportunity in Columbia's student housing corridor. USC enrollment fluctuations and off-campus rental demand drive transaction volume in Five Points, Shandon, and Rosewood. With buyers returning at the highest rate in six years, landlords holding older near-campus duplexes or small multifamily should consider selling into this demand. Cap rates on student rentals compress when buyers can secure sub-7% financing, so run the numbers for investor clients evaluating exit strategies.
Fort Jackson PCS cycles continue to churn military housing demand in Northeast Columbia and Blythewood. Military families prefer single-family homes with yards and garage space, and they move on assignment timelines that don't correlate with spring/fall selling seasons. eXp's military-focused team in Jacksonville, NC closed 285 transactions last year by mastering long-distance transactions and tight timelines. Columbia agents working near Fort Jackson should adopt similar protocols: understand VA loan quirks, communicate relentlessly, and act as eyes-on-the-ground for out-of-state buyers.
Building permit data is sparse for Columbia today, but international permit declines (Australia down 3.4%, North Macedonia plunging year-over-year) suggest broader construction slowdowns. Locally, check Richland and Lexington County permit records for multi-lot subdivisions filing in Blythewood and Lexington. New permits signal future inventory, which affects pricing power on existing homes in those submarkets.
Foreclosures and distressed sales remain historically low at 1% of total sales nationally, indicating homeowners are on solid financial footing. In Columbia, this means traditional distressed deal sourcing (courthouse steps, REO lists) will stay thin. Shift focus to probate, expired listings, and FSBOs where motivated sellers exist without formal distress. Price reductions and DOM extensions are better leading indicators of opportunity than foreclosure filings right now.
AppFolio launched an AI connector with Anthropic's Claude for property management automation. The integration allows portfolio reporting, occupancy monitoring, and leasing optimization through AI-driven workflows. For Columbia landlords managing multifamily or single-family rental portfolios, this signals where the industry is headed: automated rent collection, maintenance ticketing, and tenant communication. Advise clients considering property management software upgrades to evaluate AI-enabled platforms that reduce admin overhead.
Luxury home prices nationwide fell 1.4% year-over-year in May, the 26th consecutive month of declines, though the pace of decline is slowing. San Francisco luxury is down $695,000 from February 2020, while only Minneapolis and Boise have surpassed pandemic peaks. Columbia's luxury market (Lake Murray estates, Forest Acres) doesn't face the same tech-equity collapse as San Francisco, but sellers expecting 2021 pricing need reality checks. Frame pricing discussions around months of inventory and recent comps, not what Zillow says the home was worth three years ago.
California advanced SB 1296, requiring landlords to disclose pet policies upfront before charging application fees. The bill passed the Assembly Judiciary Committee and aims to reduce wasted applications and repetitive inquiries. While this is California-specific, South Carolina landlords should anticipate tenant expectations shifting toward upfront transparency on pet policies, smoking rules, and income requirements. Update rental listings with clear policy disclosures to avoid friction and repetitive showings.
Rental vacancy rates and rent trends weren't covered in today's feeds, but the 35% first-time buyer share suggests strong rental-to-ownership conversion. Columbia landlords in entry-level neighborhoods (Dentsville, Eau Claire, North Columbia) should expect tenant turnover to accelerate as renters qualify for mortgages at 6.68%. Backfill vacancies with lease renewals or price competitively to attract new tenants quickly.
Canopy MLS in Charlotte is expanding participation nationally, allowing out-of-state agents to join without requiring entire firms to relocate. Columbia agents working with relocating buyers from North Carolina should verify MLS access and listing submission workflows, as Canopy's policy changes could affect how out-of-state cooperating brokers submit offers. The MLS also continues debating days-on-market tracking for pre-marketed listings, with no consensus on whether price changes during "coming soon" status should reset DOM counters.
New York City enacted a pied-a-terre tax on luxury second homes valued above $1 million, with rates ranging from 4% to 6.5% annually during the rollout phase. Florida voters will decide in November on a $250,000 homestead exemption increase, though local governments warn it will shift tax burdens. South Carolina has no similar proposals, but agents should monitor state legislative sessions for property tax reform discussions, especially as Richland County reassessment cycles approach.
Illinois Governor Pritzker's BUILD housing plan stalled before the legislature adjourned, failing to strip local zoning authority or mandate missing-middle housing statewide. The Illinois Municipal League blocked the package, citing preemption concerns. Columbia agents won't see direct impact, but the national trend toward state-level zoning preemption (Texas, California, Colorado passed versions) suggests future South Carolina sessions may debate similar measures. If the state legislature proposes zoning reforms affecting Richland or Lexington counties, engage with local Realtor associations early to shape policy.
Connecticut passed a law extending building code adoption cycles from three years to six, citing housing affordability concerns. The pause applies between 2024 and 2030 code cycles, giving builders stability and reducing compliance churn. South Carolina builders face similar code update pressures, so expect trade groups to push for similar relief. This won't affect resale transactions, but it signals where new-build cost pressures are headed.
MISMO updated its Property and Valuation Services (PaVS) Procurement Dataset to support UAD 3.6, replacing legacy form-based appraisal ordering with structured data exchanges. The update targets lenders, AMCs, and appraisers, not agents, but faster appraisal turnarounds could shorten closing timelines. If you're quoting 30-day closes to buyers, verify your preferred lender's appraisal vendor has adopted the updated standard.
The Mortgage Bankers Association launched the Senior Mortgage Solutions Network, focusing on reverse mortgages and senior-focused lending products. The network targets the 1.5 million borrowers aged 62+ who applied for mortgages last year, with 29% rejected due to income qualification issues despite significant home equity. Columbia agents working Forest Acres, Shandon, and Rosewood (aging homeowner demographics) should build referral relationships with reverse mortgage specialists to serve equity-rich, income-constrained clients.