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Today: Mortgage rates hit the 6.9s and are approaching 7% for many borrowers, national active inventory reached its highest level since November 2019, and the Eighth Circuit upheld the Gibson commission lawsuit settlements.
Rates approaching 7%. The daily top-tier 30-year fixed index rose into the 6.9s on September 2 for the first time in over a year. Many borrowers are already seeing 7%+ depending on their profile. The 10-year Treasury sits at 4.79. MBA data shows the average 30-year fixed at 6.66% last week, but that number is already stale. ARM share ticked up to 8%, its highest in five weeks, a signal that buyers are rate-shopping harder. For Columbia listings, recalculate buyer qualification scenarios at 7% and prepare talking points for rate buydowns. Mortgage News Daily | RISMedia
National inventory at highest level since November 2019. Active listings hit 1.15 million, up 4.7% year over year. New listings grew 6.9% YoY. Median listing price fell 1.2% to $419,900, marking 33 consecutive weeks of YoY price declines. Median DOM (Days on Market) reached 61 days but remains one day faster than last year. The South saw the weakest inventory growth at just +1.1%. Richland County sellers: price realistically from day one. National pricing softness means Columbia buyers have more leverage, and overpriced listings will sit. Realtor.com
Delistings dropping as "pricing realism" takes hold. Delistings fell 12.6% YoY in August. The quit rate (delistings as a share of active inventory) has held flat at 5.5% for six weeks. Median list price nationally was $424,500, down 1.3% YoY, marking 10 straight months of declines. Price cuts remain elevated at 20.4%, matching last year's August rate. Pending listings fell 0.2% YoY, snapping an eight-month streak of increases. The message: sellers who price correctly are staying in the market rather than pulling listings. Agents should use this data in listing presentations to justify competitive pricing. RISMedia
Purchase applications ticked up despite rate pressure. MBA's seasonally adjusted Purchase Index increased 2% week over week. The overall composite index rose 0.8%. MBA's chief economist attributes the modest gains to increased inventory giving buyers more options. FHA share dipped to 15.9%, VA share rose to 13.6%. In Columbia, with Fort Jackson PCS cycles and USC fall housing demand in play, the VA and conventional buyer pools remain active. Target VA-eligible buyers with rate comparison education. RISMedia
Cash buyers shifting to Sunbelt and Midwest. Cash purchases nationally dipped slightly to 31.4% of sales, but increased in Austin (+2.7 pts), Dallas (+2.3), Houston (+1.9), and across the Southeast. South Carolina's neighbor states show strong cash activity. Columbia's median price point is well below the national $420K figure, making Midlands properties attractive to cash investors relocating capital from overheated coastal markets. Agents should track cash buyer interest in the sub-$250K segment. BiggerPockets
Liability insurance costs are choking multifamily operations. Nuclear verdicts surged to 135 in 2024, up from 89 in 2023, with awards reaching tens of billions. Carriers are tightening terms, raising prices, and carving out exclusions for assault/battery, firearms, sexual abuse, and habitability failures. Lenders now require escrow reserves of $250K+ per excluded exposure. This directly impacts Columbia multifamily underwriting: NOI projections must account for 15-20% insurance cost increases. Smaller Midlands landlords running 10-50 unit portfolios are most exposed. Before acquiring multifamily, get binding insurance quotes, not estimates. Commercial Observer
AI reshaping retail leasing underwriting. Landlords now use mobile location data, card transaction data, and POS feeds to evaluate tenant fit at the store level. Tools like Placer.ai and CenterCheck let owners assess whether a specific store performs, not just whether a national brand is creditworthy. For Columbia's Bull Street District, the Vista, and Columbiana Centre, this means retail landlords can make data-driven tenant selection decisions. Commercial brokers should incorporate foot traffic and transaction data into leasing proposals. Commercial Observer
Immigration enforcement squeezing construction labor. Job-site raids have intensified this summer, with some builders calling the impact an existential threat. The industry needs 723,000 new workers annually. Immigrant workers make up at least 25% of residential construction crews, likely more. In Columbia, this means repair and maintenance costs for rental properties will continue rising. Budget 10-15% increases for contractor work on turns and capital improvements. Property managers should lock in contractor relationships now before labor gets tighter heading into fall. HousingWire
HELOCs seeing highest first-quarter withdrawals since 2021. Homeowners tapped equity at elevated rates, with 54% of all equity withdrawals coming through second liens. An estimated $11 trillion in home equity is available nationally. For Columbia landlords, this is a financing signal: HELOC-funded renovations or acquisitions remain viable at current rates if the property cash flows. For property managers advising owners on capital improvements, HELOCs offer more flexibility than cash-out refinances at today's rates. Mortgage News Daily
Gibson commission lawsuit settlements upheld. The Eighth Circuit affirmed the Gibson settlements, following its recent Burnett ruling. Compass, Redfin, The Real Brokerage, Douglas Elliman, and others contributed $110.6 million of the total $1.018 billion settlement fund. The court rejected all objections, including arguments about REBNY's independence from NAR. For Columbia agents: the practice changes from these settlements are now firmly entrenched. Buyer agency agreements, commission transparency, and the new operating rules are the permanent landscape. Stop treating them as temporary. RISMedia
HUD tightens Fair Housing design/construction complaint window. Administrative complaints for FHA accessibility violations must now be filed within one year of the initial certificate of occupancy. HUD rescinded its prior position that claims could remain open indefinitely while noncompliant features existed. This gives Columbia builders and developers clearer liability timelines. Builders completing ADA-compliant multifamily projects should document compliance thoroughly at CO issuance and retain records. NAHB
Energy mandate costs hit housing affordability. NAHB testified that gas bans add $15,000+ to new construction costs in colder climates. The Energy Choice Act would bar state/local governments from banning specific energy sources. South Carolina has not moved toward gas bans, but Columbia builders should monitor this at the state level. Any mandate shift would directly impact new construction pricing in subdivisions across Lexington and Richland counties. NAHB
Compass-NWMLS settlement creates "First Look" listing status. Starting September 4, sellers can publicly market homes for up to 21 days before entering active MLS status, while keeping listings available to MLS members. No off-MLS private listings. This settlement could set precedent for other MLSs. Columbia agents on the Central Carolina Realtors Association MLS should watch whether similar pre-active marketing rules emerge locally. HousingWire