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Friday, July 11, 2026
Today: National median hit a record $440,600 while wages outpaced home prices for the 13th straight month, 21st Century ROAD to Housing Act passed into law with $200M in grants for municipalities that eliminate zoning barriers, and short sale timelines are improving as lenders process files faster.
National existing-home sales fell 2.4% to 4.09 million annualized in June, but prices hit an all-time high at $440,600, up 1.8% year-over-year. Inventory slipped to 1.56 million units (4.6 months supply), essentially flat from May after strong gains earlier this year. For the Columbia market, this suggests the inventory bounce may be stalling. If your active listings are not moving within 30 days, price adjustments are warranted. The national affordability index improved to 102.3 (up from 95.5 a year ago) as wage growth at 3.5% continues to outpace the 1.8% price appreciation, which is a structural positive for buyers with stable employment. Richland County buyers can qualify for more home this year than last if they waited.
Mortgage rates ended the week essentially flat, with bonds taking cues from oil prices tied to Iran conflict uncertainty. The 30-year fixed sits around 6.58% per MBA data. Rates are not falling meaningfully, but they are also not climbing. This creates a window for buyers who have been waiting for sub-6% rates to accept current reality and move. Contact pre-approved clients who stalled in Q1 and reset expectations around the 6.5% range as the new baseline for 2026.
MBA application data showed a 2.2% weekly decline during the holiday-shortened week, with purchase apps down 1% but still 5% above year-ago levels. VA purchase applications rose 5%, which matters for Fort Jackson PCS cycles. If you work the military housing segment, reach out to incoming personnel now before they arrive in August. The summer PCS wave is underway and competition for rental inventory near base will tighten through September.
Short sales are the most overlooked opportunity for first-time buyers, and the process has improved substantially. More than 40,000 homeowners receive foreclosure notices monthly, with over 2 million behind on payments nationwide. Lenders now process short sales faster with automated systems and standardized documentation because foreclosure costs them more. Columbia agents: if you have investor or first-time buyer clients struggling with affordability, short sales and REO properties are priced at or below market to move quickly. Look for listing agents with Certified Short Sale Expert credentials as a signal the file will actually close. Many properties include First Look periods that restrict investor participation, giving owner-occupant buyers a structural advantage. This is actionable inventory that most buyer's agents ignore.
Black Equities closed a $106 million mixed-use acquisition in Culver City at $704,000 per residential unit, reflecting continued institutional appetite for high-density multifamily in markets with strong job growth and pro-development policies. Columbia does not command Culver City pricing, but the deal structure (residential component + ground-floor retail) is replicable in Vista and the Bull Street District where mixed-use zoning supports similar plays. If you have clients sitting on commercial land near USC or downtown, the window for assemblage and rezoning applications is now, before the next development cycle prices them out.
Twain Capital closed $65 million in C-PACE financing for a Colorado hotel project, adding to $265 million in C-PACE volume over six months. C-PACE (Commercial Property Assessed Clean Energy) allows property owners to fund 100% of energy efficiency upgrades with long-term, low-cost capital that stays with the property, not the borrower. South Carolina has a C-PACE program. Commercial property owners planning HVAC replacements, envelope upgrades, or solar installations should evaluate C-PACE before conventional construction loans. The financing is senior to mortgages but offers terms traditional lenders cannot match for sustainability projects.
The 21st Century ROAD to Housing Act became law after President Trump declined to sign or veto it by the midnight deadline, allowing it to pass without his signature. This is the most comprehensive federal housing package in decades. Key provisions: $200 million in grants for municipalities that eliminate zoning barriers, FHA loan pilot for small-dollar mortgages under $100,000, removal of the permanent chassis requirement for manufactured homes (allowing them to compete in urban markets), and modernization of USDA rural housing programs. For Columbia agents, the small-dollar FHA pilot matters immediately. Properties under $100K in the corridor and Eastover have been financing deserts due to loan originator compensation rules. If the pilot launches with reasonable terms, it reopens entry-level inventory for first-time buyers who could not qualify above that threshold. Watch for CFPB implementation guidance in Q3.
NAR's June data confirmed affordability is improving as wages outpace home prices. This is the healthiest market condition in years. Real home prices (adjusted for inflation) are falling because nominal price growth at 1.8% trails inflation at 3% and wage growth at 3.5%. Every month this continues, homes become more affordable relative to income. Do not frame rising list prices as a barrier. Frame wage growth outpacing prices as expanding purchasing power for clients with stable jobs. Recalibrate buyer expectations around payment-to-income ratios, not sticker price.
Manufactured housing stakeholders expect the removal of the permanent chassis requirement to unlock new design possibilities and urban infill opportunities. Manufactured homes cost 50% less per square foot than site-built, but the chassis requirement has relegated them to rural areas and trailer parks. Removing it allows multi-story designs, zero-lot-line townhomes, and higher-density configurations that municipalities will accept. South Carolina has 7.2 million occupied manufactured homes nationwide, representing 5.5% of housing stock. For Columbia developers and investors, this opens pathways to deliver attainable housing in infill parcels where traditional construction pencils do not work. Expect HUD implementation rules in 2027.
Veterans United faces an amended class-action lawsuit alleging RESPA violations and illegal kickback schemes that steered VA borrowers into overpriced loans through its affiliated real estate arm. The case, filed in Missouri federal court, now includes 15 named plaintiffs and eight claims across multiple states. For Columbia agents working with Fort Jackson personnel, this is a compliance reminder: any referral relationship involving loan officers and real estate agents must comply with RESPA. If you have co-marketing agreements or receive anything of value tied to loan referrals, document it and run it past counsel. The lawsuit's core allegation is that Veterans United's branding misleads borrowers into believing it is affiliated with the VA, reducing competitive shopping. Make sure military clients understand they can use any VA-approved lender, not just the one with "Veterans" in the name.
National rental demand research emphasizes functional layouts, low-maintenance finishes, and neighborhood fundamentals as the core drivers of rental performance. For Columbia landlords evaluating new acquisitions, prioritize properties near USC, downtown employment centers, and Fort Jackson with practical 3-bed/2-bath layouts over properties requiring specialized tenants or constant repairs. Research median rent, vacancy trends, and rent growth in the specific submarket before closing. Properties near Five Points and the Vista command rent premiums but also face higher tenant turnover tied to the academic calendar. Factor lease-up timing and summer vacancy risk into cash flow projections.
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