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June 11, 2026
Today: May CPI hit a 3-year high at 4.2%, mortgage rates held flat near 7%, and multifamily construction is consolidating downtown while Greer saw a $47 million apartment acquisition at 257 units.
Inflation hit a 3-year high in May at 4.2% year-over-year, with core CPI at 2.9% for the third straight month. Mortgage rates held nearly flat through the week despite the CPI release, with the 30-year fixed essentially unchanged. The data met forecasts, so bond markets avoided volatility. Real wages fell 0.7% year-over-year, meaning Columbia buyers are losing purchasing power even as inventory tightens. If you have clients waiting for rates to drop before they buy, frame the conversation around payment affordability and local inventory constraints rather than rate timing.
National median days on market hit 49 days before an offer is accepted, with a record share of homes sitting over 60 days. Overpriced listings are going stale fast. Price appropriately from day one or expect to cut within four weeks. Homes selling below asking price is now the norm, especially for new construction and condos. The sale-to-listing price ratio has fallen below 1.0 across most markets as buyers consolidate negotiating power. If your seller expects multiple offers, show them the data: bidding wars are dead outside the Northeast. Columbia sellers need realistic pricing and willingness to negotiate, or they will join the 34.2% of listings that sit unsold.
New home sales remained steady in May nationally, but elevated prices and high rates continue to suppress demand. For Columbia builders, this means absorption rates matter more than ever. Cycle times and margin leakage become visible when demand slows. If you represent builders, help them price competitively and avoid incentive creep that erodes margins without moving inventory.
Over 1,100 housing advocates lobbied Congress this week on the 21st Century ROAD to Housing Act, pushing for zoning reform, workforce development, and streamlined permitting. The bill has drawn criticism as a "pork-filled potpourri" that relies on demand subsidies rather than supply fixes. If the bill passes with its current structure, expect minimal impact on Columbia inventory or pricing. The real constraint remains local zoning and permitting delays at the Richland and Lexington county level, not federal policy. Watch for Clean Water Act Section 404 permit reforms, which can add over a year to housing projects requiring wetlands approval.
NAHB estimates a shortage of over 200,000 construction workers nationally, with 25% of the workforce foreign-born. The CONSTRUCTS Act and DIGNITY Act would address workforce gaps, but passage is uncertain. For Columbia developers and investors, labor availability will constrain new supply more than capital costs. If you are sourcing deals for investor clients, prioritize turnkey properties and avoid projects requiring heavy renovation unless labor is locked in.
Benefit Street Partners lent $34.5 million on Conserve Holdings' acquisition of Parkview Greer, a 257-unit multifamily asset in Greer, SC, 15 miles east of Furman University and 5 miles north of Greenville-Spartanburg International Airport. The $47 million acquisition closed at SOFR plus 2.45% on a three-year term. This marks Conserve's 11th acquisition in the Greenville-Spartanburg area, signaling continued institutional appetite for Upstate multifamily despite elevated rates. Columbia investors should compare cap rates and rent growth between the Midlands and Upstate. If Greenville is pulling capital, Columbia deals need to compete on yield or growth trajectory.
Columbia multifamily construction is slowing as developers concentrate on downtown projects. This likely reflects capital constraints and risk aversion, with lenders and developers focusing on proven submarkets rather than suburban sprawl. For USC student housing investors, downtown density near campus remains the safest bet. For suburban investors, this slowdown could mean less new competition in areas like Irmo, Chapin, or Blythewood, but it also signals weaker demand expectations in those markets.
A landlord asked about liability for kiddie pools in rental backyards. The answer: yes, you have liability as the owner. Require a lease addendum, confirm the yard is fenced, clarify whether the pool will be emptied after use, and call your homeowners insurance company to confirm coverage. Personal injury and property damage risks increase with any pool, even seasonal kiddie pools. Tenants must agree to reasonable safety precautions. If your insurance carrier excludes pools or threatens cancellation, the pool is a non-starter. Document everything in writing before allowing it.
No major rental market data specific to Columbia surfaced today, but national rent trends show softening in markets with new supply. Columbia landlords should monitor USC enrollment and Fort Jackson PCS cycles closely. If enrollment drops or PCS moves slow, vacancy rates will climb in student and military housing submarkets. Adjust pricing and screening criteria accordingly.
CoStar filed an amicus brief urging a federal judge to deny Zillow's motion to force Midwest Real Estate Data (MRED) and Compass to restore its listing feed. CoStar argues Zillow is seeking court-ordered access to MLS listings while hoarding its own exclusive pre-market inventory through Zillow Preview. The brief accuses Zillow of "heads I win, tails you lose" positioning, demanding MLS data while keeping its own pre-market listings exclusive. This case will shape how portals, MLSs, and brokerages control listing distribution. For Columbia agents, the takeaway is simple: whoever controls the listing controls the leverage. If you represent sellers, clarify where their listing will appear and when. If a brokerage or portal promises exclusive exposure before MLS submission, confirm what that means for buyer reach and days on market.
The Council of Multiple Listing Services appointed Jessica Edgerton as CEO, effective July 1. Edgerton brings 16 years in organized real estate, including nine years as Chief Legal Officer at Leading Real Estate Companies of the World and five years as legal counsel at NAR. Her international experience gives her perspective on markets without MLS systems, which should strengthen her advocacy for MLS infrastructure as essential market transparency. Columbia agents relying on MLS data for comps, pricing, and inventory tracking should expect CMLS to defend MLS listing access aggressively as portals and brokerages push for data control.
The White House nominated Brian Johnson to serve as director of the Consumer Financial Protection Bureau (CFPB). Johnson previously served as deputy director during Trump's first term, overseeing rulemaking, supervision, and enforcement. A CFPB spokesperson stated Johnson will "continue the CFPB wind down and de-weaponization" started by acting director Russell Vought. Expect reduced enforcement and regulatory activity under Johnson's leadership. For Columbia agents and lenders, this likely means fewer compliance actions and lighter oversight, but it does not eliminate fair lending, RESPA, or TILA requirements. Do not get sloppy on disclosure or steering practices just because enforcement is lighter.
The MBA released a white paper urging the mortgage industry to develop a unified AI framework. The paper addresses whether lenders can offer completely human-free loan originations under the SAFE Act, noting that current federal disclosure requirements effectively require a human mortgage originator for every transaction. MBA recommends a "human in the loop" approach, ensuring a licensed MLO remains available to borrowers even when AI handles substantial origination work. For Columbia loan officers, this means AI will automate tasks but not eliminate your role. Stay licensed, stay accessible, and understand how AI tools in your origination system make decisions.