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July 1, 2026
Today: Mortgage rates edged up to 6.5% as the Fed signals a hawkish stance on inflation, national asking prices dropped 2.5% year-over-year marking the steepest decline since 2017, and June rent prices rose for the fifth consecutive month with the national median hitting $1,385.
Mortgage rates climbed modestly but remain range-bound around 6.5% after a volatile spring, settling into what looks like the new normal for summer. The underlying bond market took cues from quarter-end portfolio rebalancing and May's job openings data, which came in hotter than expected at 7.594 million versus a 7.30 million forecast. Thursday's June jobs report will carry more weight. Source
The bigger story is asking prices. Nationally, list prices fell 2.5% year-over-year in June, the steepest annual drop since 2017 and the eighth straight month of declines. This is seller realism, not distress. Time on market held at 53 days, matching last June and ending a 26-month streak of slower sales. New listings rose 2.4% and pending sales grew for a seventh straight month, the longest streak since early 2021. Contract cancellations remain below last year. For Richland County sellers, this means pricing tight from day one. Buyers have options and are taking their time. Source
Since the June 2022 price peak, asking prices are down 7.3% in the West and 3.5% in the South, but up 10.0% in the Midwest and 12.6% in the Northeast. Columbia tracks closer to the South's trajectory. If you are advising sellers who bought in 2022, set expectations around flat to modest equity gains, not appreciation. Source
Fort Jackson PCS cycles and USC enrollment continue to drive off-campus rental demand in the Columbia metro, but the broader rental market is showing signs of seasonal tightening. The national multifamily vacancy rate currently stands at 7.2%, the first decline since late 2021 after hitting a record high in February. Vacancy is still elevated above the long-run average, but the direction matters. List-to-lease time dropped to 30 days from 31 last month, though it remains three days longer than this time last year. Source
Rent prices rose 0.4% in June, the fifth consecutive monthly increase, with the national median now at $1,385. Year-over-year rent growth ticked up for two straight months after bottoming out in April. For Columbia landlords managing properties near USC or targeting Fort Jackson families, this is the peak summer leasing window. Price competitively but do not discount aggressively. Demand is there, but so is inventory. Source
FHA 203K loans remain one of the most underutilized deal structures for investors targeting distressed properties in the Columbia metro. The loan allows buyers to finance both the purchase price and renovation costs into a single 30-year mortgage with just 3.5% down. A New York investor used this structure to acquire a condemned duplex for $9,500 out of pocket and built $150,000 in equity after an eight-month rehab. The loan even wrapped six months of mortgage payments so the borrower did not pay anything while the property was unlivable. Source
The biggest mistake is choosing the cheapest contractor. If three bids come back at $90,000, $95,000, and $50,000, the low number is not a gift. It is a missed scope of work, and you will find out halfway through when the contractor walks off the job. Get your scope of work written by the 203K consultant first, before you bring in any contractors, so every bid is apples to apples. Then pick based on track record, not price. For investors targeting Richland County's older housing stock, this is a viable path to scale. Source
Target inked a 15-year, 135,000-square-foot lease at the Rego Park Shopping Center in Queens, bringing the 600,000-square-foot property to 99% leased. Recent asking rents for retail space in Queens averaged $42.47 per square foot. For Columbia investors tracking retail fundamentals, this signals that big-box anchor tenants are still committing to long-term leases in the right locations. Watch for similar activity around Columbia's Sandhill and Harbison corridors. Source
Multifamily operators are pivoting away from bundled amenities and toward profit-center models. Rooftop pools, co-working lounges, and fitness centers that used to be absorbed into base rent are now being monetized through cabana rentals, paid fitness classes, and private office memberships. This shift is driven by municipal fee restriction laws, resident backlash against nickel-and-dime charges, and tightening NOI margins in a high-rate environment. For Columbia property managers overseeing larger complexes, this is the new playbook. Amenities must earn their keep through voluntary adoption, not fee-stacking. Source
Spokane's cooling ordinance is back on the table after June amendments narrowed the original proposal. The current version requires landlords to provide adequate cooling within 24 hours of a written tenant notice, or tenants can install a cooling device at landlord expense or deduct up to $500 from rent. A vote is scheduled for July 15. Opponents argue that retrofitting older buildings will raise rents and push affordable units off the market. Supporters point to the 20 deaths from heat exposure during the 2021 Pacific Northwest heat dome and argue that cooling is a basic habitability requirement. Source
If this passes in Spokane, expect it to surface in other cities as summer temperatures become a recurring policy focal point. Columbia landlords managing older units should assess electrical panel capacity and cooling infrastructure now, before any ordinance takes effect locally. This is not yet a South Carolina issue, but it is a policy template worth monitoring. Source
The 21st Century ROAD to Housing Act passed both chambers with bipartisan support but remains unsigned after President Trump called it "a yawn" and conditioned signing on passage of the SAVE Act, which faces Senate opposition. The housing bill includes five key provisions: land-use and zoning pathways for local governments, incentives to update aging housing stock, increased FHA multifamily loan limits indexed to inflation, streamlined NEPA reviews for small and infill housing projects, and community bank capital relief. If the president neither signs nor vetoes within 10 days while Congress is in session, it automatically becomes law. Source
For Columbia builders and developers, the most immediate impact would be the FHA multifamily loan limit increases, which have not changed in 12 years, and the NEPA streamlining for infill projects. Both directly affect deal feasibility for smaller apartment developments in Richland County's urban core. Track this closely. If it becomes law by default, financing parameters shift next quarter. Source
California Regional MLS created a new "Limited Exposure in Coming Soon" option that prevents designated listings from circulating through IDX feeds to third-party sites, while still allowing brokers to share the listing on broker-controlled websites and social media. This is an evolution of CRMLS's pre-existing "Coming Soon" status, which was recently made available on IDX by default in March. Real estate professionals can now manually select "Internet: No" to remove the listing from feeds, but if a seller requests no internet distribution, the listing must be removed from all social media platforms and taken off any broker-controlled websites. Source
For Columbia agents, this is a reminder that "Coming Soon" strategies are MLS-dependent and carry disclosure obligations. If you are pulling a listing from IDX at seller request, that same listing cannot be soft-launched on Instagram or your brokerage site. The rule is all-or-nothing. Compliance matters, especially as MLS policy continues to evolve post-settlement. Source