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Today: 30-year fixed hit 6.77%, an 11-month high driven by renewed Iran war fuel spikes, national active inventory topped 1.1 million for the fifth straight week, and small landlords are shifting to smaller renovations and modest rent hikes as insurance costs climb hardest in the Southeast.
Mortgage rates at 6.77%, highest since July 2025. The average top-tier 30-year fixed ticked up 0.02% on July 22, reaching an 11-month high. The driver: renewed Iran hostilities pushing oil above $80/barrel, which feeds inflation expectations. June CPI showed progress (headline 3.5%, core 2.6%), but July will reverse that. NAHB's chief economist says this "likely eliminates any hope for an additional Fed rate cut in 2026," and some expect the Warsh-led Fed to raise rates before year-end. For Richland County listings, this means buyer qualification keeps tightening. Adjust pricing expectations accordingly; any listing that sat through June needs a price strategy review now. (Mortgage News Daily, NAHB, RISMedia)
National active inventory held above 1.1M for fifth straight week, the longest streak since November 2019. Median listing prices fell 2.5% YoY nationally, and price reductions topped 100,000 listings for the second consecutive week. Columbia sits in the sweet spot identified by HousingWire's metro analysis: lower-priced metros are showing greater resilience than expensive coastal markets. Metros under $300K saw absorbed listings hold flat YoY while higher-priced markets (above $650K) saw absorbed listings drop 10%. Richland County's median remains competitive in this tier. If you're advising sellers, emphasize that Columbia's affordability advantage is actively drawing demand that coastal markets are losing. (Realtor.com Research, HousingWire)
Single-family starts down 5% YTD nationally, with NAHB forecasting a 3% full-year decline. Builder confidence fell to 34 in July; 37% of builders cut prices and 63% used sales incentives. Multifamily starts are up 17.2% YoY as affordability pushes renters away from ownership. Residential construction input prices are 6.2% above last year. For Columbia-area new construction, expect continued incentive-heavy selling from national builders in Northeast Columbia and Lexington County subdivisions. (NAHB)
Purchase applications rose modestly despite rates. MBA data shows purchase volume ticked up, driven by growing inventory in many markets. But MBA's chief economist warned the improvement is "unlikely to continue in July" as oil prices spike again. Refinance share dropped to 41.2%. For agents: the window of slightly increased buyer activity may be brief. Prioritize motivated, pre-approved buyers over rate-sensitive shoppers. (RISMedia)
Small landlords shifting strategy. RentRedi's Q3 survey shows renovation spending over $20K/unit dropped from 35% to 12% of owners; the sweet spot is now $1,500-$5,000/unit. Purchase intent cooled from 68% (January) to 59%, though still above last year's 53%. Rent increases remain modest: 45% plan 1-3% hikes, 30% plan none. Insurance is the top pressure point, especially in the Southeast. For Columbia property managers: pitch operational efficiency (autopay gets 99% on-time payments; automated reminders improve on-time rates 27%) over big-ticket renovations. That's what owners want to hear right now. (Rental Housing Journal)
72% of small landlords are now Millennials/Gen X, and 75% expect to use AI tools to evaluate their next property manager. 62% already use professional management. For Columbia PMs: if your intake process doesn't have a strong digital presence and transparent reporting, you're losing leads to competitors who do. Tenant experience is also rising as an owner priority: 92% of landlords would sacrifice some cash flow for better tenant experience. (Rental Housing Journal)
Climate risk hitting SC homeowners on HOA fees. Realtor.com's 2026 Housing and Climate Risk Report lists South Carolina among the states with the highest HOA fee premiums for homes in severe/extreme climate risk zones. NFIP flood insurance contracts dropped 4.5% nationally (May 2025 to May 2026). For Columbia landlords and investors: factor climate risk premiums into acquisition underwriting, especially for properties in flood-adjacent zones near the Congaree River or Lake Murray. Insurance costs are not stabilizing. (Realtor.com Research)