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June 13, 2026
Today: Existing home sales hit a five-month high as affordability improves, 30-year rates hold near 6.58%, and HUD proposes multi-story manufactured housing rule to cut construction costs. Richland County inventory remains tight with housing demand outpacing supply nationwide.
National existing home sales jumped 3.2% in May to 4.17 million units annualized, the strongest pace since December. NAR reports the median home price hit a record $429,300, up 1.3% year-over-year, with 35 consecutive months of annual gains. First-time buyers made up a larger share of purchases as income gains continue to outpace price growth in most markets. For Richland County, this confirms what active agents are seeing: buyers are back in motion, but supply constraints are keeping upward pressure on pricing. Watch for pricing power to favor sellers through summer if inventory stays below five months.
National inventory ticked up to 1.55 million units (4.5 months of supply), still historically tight. The Housing Affordability Index improved to 105.6 from 97.5 a year ago, driven by income gains and mortgage rates running below last year's peak. Locally, expect buyer consultations to increase as confidence returns, but warn clients that competition remains fierce for move-in ready homes under $350K.
Mortgage rates held near recent lows at 6.58% for top-tier conventional 30-year fixed scenarios, just two basis points above late May levels. Mortgage News Daily notes this is the lowest range in four weeks, though still elevated compared to the 10-month average. Peace progress in the Iran conflict is keeping Treasury yields in check. MBA's weekly data shows refi applications up 15% week-over-week and purchase apps up 7%, both running ahead of year-ago levels. For Columbia borrowers: lock rates if you are within 30 days of closing, but monitor geopolitical headlines for further downside opportunity.
Student housing fundamentals remain strong across university markets. Mississippi State secured a $64 million refi for a 309-unit complex carrying 97% occupancy, with enrollment up 11% over the past decade. USC's enrollment trajectory mirrors this growth, supporting off-campus demand in Five Points and the Vista. Military housing near Fort Jackson benefits from similar dynamics as PCS cycles keep turnover elevated.
For Columbia landlords targeting USC students: prioritize location within walking or bike distance to campus, modern amenities (fitness, parking, pool), and flexible lease terms aligned with academic calendars. The Mississippi State deal shows institutional capital is willing to deploy long-term debt at favorable terms when occupancy and enrollment trends are solid.
No Columbia-specific foreclosure or tax sale data in today's feed, but national trends show strong household balance sheets. NAR reports only 1% of May sales involved foreclosures or underwater situations, reflecting tight lending standards and equity accumulation during the recent price run-up.
For investor clients sourcing off-market deals: focus on expired listings, FSBOs, and direct seller outreach. The distressed inventory pipeline remains dry. Price reductions on stale listings offer the best margin opportunity in this cycle.
Multifamily debt remains available for strong sponsors. Dwight Capital closed a $36 million HUD 223(f) refi for a 2024-built Missouri apartment complex with a 35-year term. The deal highlights agency appetite for newer construction with stable occupancy.
Columbia investors should explore HUD 221(d)(4) or 223(f) products for multifamily acquisitions or refinances. Long-term fixed debt protects against rate volatility and positions properties for value-add work without refinancing risk. Cap rates in secondary Southeast markets are compressing as national capital chases yield outside gateway cities.
HUD published a proposed rule to expand manufactured housing definitions, allowing multi-story units without permanent chassis on upper levels. Eliminating the steel chassis requirement could cut $5,000 to $10,000 per home, significantly improving affordability. Only 5% to 7% of manufactured homes are moved after delivery, making the permanent chassis an unnecessary cost burden for most buyers.
For agents working with first-time buyers or land-and-home packages: manufactured housing is regaining credibility as an affordable option. Stay informed on zoning and lending changes as HUD finalizes this rule. Manufactured homes sell for less than a third of site-built median prices and could fill a critical gap in Richland County's sub-$200K inventory.
NAHB's regulatory cost study found compliance expenses jumped 40% in the last five years, adding $131,734 (27%) to the cost of a new single-family home. HUD Secretary Scott Turner confirmed the agency rescinded the 2021 International Energy Conservation Code requirement, which added nearly $30,000 to build costs. Turner's priority is deregulation to make building easier and homeownership more accessible.
For builder clients: monitor EPA's simplified WOTUS (Waters of the United States) definition, which aims to reduce permitting timelines and legal uncertainty. Advocate for streamlined local permitting and reduced impact fees to offset rising material and labor costs.
Federal Reserve Chair Kevin Warsh's first policy meeting is next week. Markets expect rates to hold steady, but inflation at 4.2% annually (well above the Fed's 2% target) complicates the outlook. Energy prices tied to the Middle East conflict are driving the overshoot. If peace talks finalize, energy deflation could give the Fed room to cut later this year. For now, expect no change to the fed funds rate and hawkish rhetoric on inflation persistence.
Columbia agents should frame the Fed environment clearly for buyer clients: rates are not coming down in the next 90 days, but they are stable and historically normal. Waiting for 5% mortgages means missing inventory and price appreciation. The cost of waiting often exceeds the benefit of a lower rate.