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Today: New federal housing law restricts institutional investors buying single-family homes, pending sales up 4.6% year-over-year nationally with inventory holding steady, and manufactured housing definition expands to cut unit costs by $5K-10K.
Pending home sales showed positive year-over-year growth despite the July 4th weekend data hit. National pending sales reached 63,971 last week compared to 61,143 in the same week last year, a 4.6% increase. Purchase applications were up 5% year-over-year despite flat week-to-week numbers. For Columbia agents, this means buyer activity is holding despite rates above 6.5%. Schedule consultations with pre-approved buyers now while inventory is tight but stable.
National inventory dropped slightly week-over-week (852,241 to 844,011) and is tracking just below last year's levels. New listings came in at 63,405, up from 60,726 in the same week last year. Price-cut percentages remain lower than 2025, which signals seller pricing discipline. In Richland County, this translates to sustained competition for well-priced listings. Review your active listings and advise sellers to price within 3% of recent comps or expect 30+ DOM (Days on Market).
Mortgage rates ticked up last week due to Iran conflict escalation, continuing to hover above 6.5%. The national median existing home price hit $440,600 in June, up 49.2% from June 2020. Columbia's market typically tracks 15-20% below national medians, putting local median estimates around $350K-375K. Adjust buyer expectations accordingly and focus on down payment assistance programs for first-time buyers.
The 21st Century ROAD to Housing Act became law on Saturday after President Trump neither signed nor vetoed it within the required timeframe. The legislation prohibits large institutional investors owning 350+ single-family homes from purchasing additional properties, with exceptions for build-to-rent and renovate-to-rent projects. For Columbia, this could reduce corporate buyer competition in Northeast Richland County and Lexington suburbs where institutional buyers have been active. Contact investor clients about the new restrictions before they make additional purchase offers.
The law expands the federal definition of "manufactured home" to include houses built without a permanent steel chassis, which could reduce unit costs by $5,000-10,000. This puts manufactured housing within reach for more buyers in lower-cost Columbia submarkets like Hopkins, Eastover, and outer Lexington County. Identify manufactured home communities in your farm area and prepare financing options for buyers who qualify.
A four-year pilot program will expand availability of mortgages under $100,000 through lender subsidies and borrower grants for down payments and closing costs. In Richland County, this affects properties in downtown revitalization zones and starter homes in Hopkins and Eastover. Partner with lenders participating in the pilot to capture buyers who previously couldn't qualify.
NAR leadership emphasized that housing development takes time and buyers shouldn't expect immediate relief. The law targets land-use restrictions, permitting delays, and regulatory hurdles, but benefits will materialize gradually. For Columbia agents, this means continue current pricing and inventory strategies while watching for permit activity increases in 6-12 months.
Columbia Real Estate Brief is published daily at carolinacleartech.com/columbia-real-estate/. Send feedback to [email protected].