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Today: 30-year fixed hit 6.83% (near the July high of 6.85%), mortgage applications dropped 6.4% as rate pressure continues, and Richland County's May building permits were published showing new construction activity.
Rates climbed back to long-term highs. The 30-year fixed hit 6.83% as of July 31, functionally equivalent to the 6.85% peak from July 23. Mortgage News Daily reports bond market weakness driven by foreign exchange intervention and rising oil prices above $84. Federal Reserve hawks are pushing for rate hikes, not cuts. Cleveland Fed President Beth Hammack stated she "did not see the current policy stance as appropriately restrictive" and views "high inflation as the more pressing problem." For Columbia listings: buyers stretching budgets at 6.5% are now priced out at 6.83%. Adjust showing expectations and prepare sellers for longer DOM (Days on Market).
Applications fell 6.4% week-over-week. MBA data shows purchase apps down 4% (though still 3% above year-ago), while refinances dropped 10%. The refinance share fell to 39.5%. Elevated rates continue to challenge affordability despite improved inventory in some markets. Richland County inventory remains tight at an estimated 1.8 months. Price aggressively or expect extended market time.
Home prices edged up in May but trail inflation. FHFA reported U.S. home prices rose 0.3% month-over-month (seasonally adjusted) and 2.2% year-over-year. The Middle Atlantic division led with 4.5% annual appreciation, while the Pacific posted the only decline at -0.3%. Richland County pricing has been relatively stable, but national appreciation running below inflation means real purchasing power is declining. Sellers expecting 2021-level gains need reset expectations.
Richland County May building permits released. Richland Source published the May permit list. Review it for new construction pipeline in your target neighborhoods. Permits signal future inventory (6-12 months out) and can identify builder activity worth tracking for buyer referrals or investment clients.
Inspection disputes remain the #1 deal killer. Redfin's agent survey shows 70.4% of canceled contracts stem from inspection or repair issues, followed by financing (27.8%). Roughly 1 in 7 pending sales nationally fell out of contract before closing. In buyer-favorable or balanced markets, buyers walk on deferred maintenance. Pre-listing inspections reduce renegotiation risk. If representing sellers, address major items upfront or price accordingly.
Sellers offering concessions at record rates. Home buying process data shows sellers are offering closing cost credits and rate buydowns at some of the highest rates on record, giving buyers leverage throughout much of the transaction. Typical homebuyer now needs to spend 40% of income to afford a median-priced U.S. home. In Columbia, median pricing around $250K-$275K still pencils for qualified buyers, but rate sensitivity is extreme. Offer 1-0 or 2-1 buydowns to unstick stalled listings.
12-point pre-listing checklist. Redfin outlines critical seller prep: pre-listing walkthrough with agent, declutter/depersonalize, tackle repairs (leaky faucets, cracked windows, HVAC maintenance), invest in curb appeal, consider pre-inspection, and stage for photos. "You have one chance to make a first impression on a buyer," says Denver agent Tamara Mattox-Kabat. Walk your sellers through this before photos are shot, not after the first showing feedback comes in negative.
Multifamily refi activity continues despite rate headwinds. Dwight Capital closed a $23.5M HUD 223(f) loan on a 104-unit New Jersey multifamily property to retire existing debt and return equity. HUD-backed debt remains available for stabilized assets. Columbia multifamily investors with lease-up projects approaching stabilization should explore HUD 223(f) for long-term, non-recourse takeout financing.
AvalonBay and Equity Residential merge to form Vivmark Residential. The $71 billion combination creates the largest multifamily REIT with 180,000 units across 600 communities and a $4.4 billion development pipeline. Transaction expected to close H2 2026. Consolidation at the institutional level signals capital is still flowing to multifamily, but smaller private developers face equity shortages. Izo Capital's Peter Porraro notes equity "has gone to the sidelines" for $25M-$50M projects. Columbia developers: expect preferred equity or mezzanine structures to fill capital stack gaps.
Green Brick Partners posts 29.8% gross margin on land-heavy strategy. HousingWire reports the builder achieved industry-leading margins by owning and self-developing lots instead of using land banks. 76% of lots held on balance sheet. The company's Trophy Signature Homes brand (entry-level, spec-driven) drove sequential margin expansion. Contrarian takeaway for Columbia builders: direct land ownership and entry-level spec may pencil better than land-light, move-up, built-to-order in this rate environment.
NAHB urges Congress to pass workforce and permitting reforms. More than 1,100 builders lobbied Capitol Hill in June for the 21st Century ROAD to Housing Act (now passed), CONSTRUCTS Act (skilled-trades careers), DIGNITY Act (immigration reform), Clean Water Act permitting reforms, and Energy Choice Act (prevent natural gas bans). The ROAD Act secured two key changes: removing single-family rental sales mandate and raising multifamily loan limits. South Carolina builders: Clean Water Act Section 404 permits can take up to two years and cost $470K. Contact your senators to support permitting reforms.
Regulators propose CRA changes drawing fire from advocates. FDIC and OCC released a Community Reinvestment Act proposal raising asset thresholds (small banks: <$1B, up from $250M) and tightening community development grant credit. Large banks would face a 15% cap on indirect/administrative costs for CD grants. Housing advocates warn the proposal will reduce funding for CDFIs, affordable housing orgs, and homeownership counselors. Comments due 60 days after Federal Register publication. South Carolina housing nonprofits should submit comments.
Compass technology rollout accelerates post-Anywhere acquisition. HousingWire details Compass's Home Platform rollout to Corcoran agents following the $1.6B Anywhere acquisition. Agents cite reverse prospecting and customer dashboards as key differentiators. "To be able to use reverse prospecting to see the search parameters of other agents' buyer clients, I am able to pinpoint my efforts," says Corcoran agent Kyle Talbott. Columbia agents: if you're not using reverse prospecting tools in your MLS or CRM, you're leaving buyer matches on the table.
AI-generated listing presentations level the field. HousingWire argues that polished presentations no longer signal agent quality. "AI is giving nearly every real estate professional access to tools that can create polished market reports, listing descriptions, presentations and marketing plans." Sellers should ask: Can the agent defend the price? Understand the buyer? Explain what happens when the plan stops working? Columbia agents: differentiate on expertise, not deck polish. Be ready to explain why specific comps matter and what your buyer avatar looks like.
Renter warns against nightmare property management company. TwistedSifter reports on a renter's bad experience with a property management firm. No specifics, but a reminder: property management reputation matters for landlord clients. Columbia landlords switching from self-management should vet firms on tenant screening, maintenance response times, and lease enforcement track record, not just fees.