Get tomorrow's brief in your inbox
Today: Mortgage rates held just under 7% at 6.77% as the 10-year yield refuses to budge, national housing starts dropped 12.4% in July signaling tighter future inventory, and NAR is pushing a Supreme Court case on property owner compensation that could reshape condemnation proceedings statewide.
Mortgage rates at 6.77%, spreads keeping them below 7%. The 10-year yield ticked higher last week despite Treasury Secretary Bessent's debt buyback announcement. Mortgage spreads at 1.96% are the only thing preventing a break above 7%. For Columbia listings: buyers are still rate-sensitive above 6.64%, and weekly pending sales data shows year-over-year declines accelerating at current levels. If you have sellers pricing aggressively, this is the week to revisit expectations. Buyers with rate locks expiring should act before the September debt buyback shakes things up further. The Iran conflict and renewed 50% tariffs on Canadian goods are both pushing yields higher with no relief in sight. Source
U.S. housing starts fell 12.4% in July. Fewer starts nationally means less new inventory hitting the market in 6-12 months. Richland and Lexington counties already sit in a tight inventory environment. Builders pulling back now will compound the supply crunch heading into spring 2027. For investor clients: resale values on existing properties get a tailwind when new construction slows. For buyer agents: set expectations that the "wait for more inventory" strategy is losing ground. Source
NAR joins Supreme Court case on just compensation for property owners. NAR filed in a Supreme Court case arguing for stronger protections when government takes private property through eminent domain or condemnation. The core issue: whether property owners receive fair market value that reflects the property's highest and best use, not a discounted government appraisal. For Columbia agents and investors near infrastructure corridors (I-77 widening areas, Bull Street redevelopment zone, Assembly Street corridor): watch this case. If NAR prevails, it strengthens your clients' negotiating position in any condemnation proceeding. Flag this for clients who own parcels in active redevelopment zones. Source
Idaho Supreme Court strikes down city ban on non-owner-occupied vacation rentals. An Idaho court ruled a city cannot blanket-ban short-term rentals where the owner does not live on-site. While this is Idaho law, the reasoning tracks property rights arguments that South Carolina courts have considered. Columbia's short-term rental market, particularly around USC, the Vista, and Lake Murray, operates under city ordinance rather than outright bans. This decision strengthens the legal position of investors running non-owner-occupied STRs if Columbia or Lexington County ever moves toward stricter regulation. No immediate action needed, but worth noting for STR portfolio owners tracking regulatory risk. Source