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Today: The 30-year fixed hit 7.22% Tuesday, the highest since January 2025, with the Fed expected to hike Wednesday. Mortgage demand from homebuyers dropped 19% year-over-year. A new lakeside dining and event destination is planned for Lake Murray, and Myrtle Beach-based Burroughs & Chapin acquired a Greenville multifamily property, signaling continued SC investor appetite.
Rates surged to 7.22%, highest since January 2025. The average top-tier 30-year fixed rate jumped 33 basis points in six business days, the sharpest move since October 2024. The 10-year Treasury yield tested 5.00% Tuesday. Oil above $106 and persistent inflation are driving the spike. The Fed announces Wednesday; markets expect a hike, but the outcome is uncertain either way. For Richland County agents: recalculate buyer purchasing power immediately. A buyer qualified at 6.5% last month has lost roughly 8-10% of their budget. Adjust price guidance on active listings accordingly. (Mortgage News Daily) (MBS Recap)
Mortgage demand from homebuyers fell 19% year-over-year. Total application volume dropped 4.1% week-over-week. Refinance applications cratered 65% from a year ago. The conforming loan limit is now $832,750, but with rates near 7%, monthly payments on the Richland County median are punishing. Expect longer DOM (Days on Market) and more price reductions in the $250K-$400K range where payment sensitivity is highest. Sellers listing this week need to price at or below comps, not above. (CNBC)
New home sales falling nationally, housing starts flat in August. Multiple reports confirm new home sales declined again, raising supply concerns as builders pull back. For the Midlands, watch Lexington County permit activity closely. Builders already dealing with labor costs and lot prices will face even tighter margins at 7%+ rates. If national starts continue trending down, expect fewer spec homes in Northeast Columbia and Chapin subdivisions by Q1 2027. (Business Insider) (Yahoo Finance)
Metro report cards: South and Midwest outperform. Realtor.com's metro-level analysis confirms that Southern markets, including several in the Carolinas, score highest for the combination of homebuilding activity and affordability. Raleigh earned an "A" while outperforming North Carolina's overall "B" grade. Columbia is not in the top 10, but the regional pattern favors continued migration into SC markets with lower price points relative to income. Use this data in listing presentations to out-of-state buyers relocating from Northeast or West Coast markets. (Realtor.com Research)
Burroughs & Chapin acquires Greenville multifamily. The Myrtle Beach-based firm picked up District West apartments in downtown Greenville. This signals continued institutional appetite for SC multifamily assets. Cap rates (annual NOI divided by purchase price) in Greenville have compressed over the past two years; Columbia still offers a spread. If you are marketing Midlands multifamily properties to institutional buyers, this deal is a comp conversation starter. B and C class assets in West Columbia, Cayce, and the Broad River corridor remain priced below Greenville and Charleston equivalents. (Upstate Business Journal)
Sell or rent decision getting harder at 7%+ rates. Redfin analysis notes 58% more sellers than buyers nationally. For Columbia homeowners with sub-4% locked-in rates, the math increasingly favors renting out rather than selling, especially near USC or Fort Jackson where rental demand is steady. Run the numbers for clients: if their current mortgage is $1,200/month and market rent is $1,800+, holding and renting generates cash flow that selling into a buyer's market cannot match. (Redfin)
$9.3M rent price-fixing settlement: JBG Smith and MAA. Washington, D.C.'s AG settled with two major landlords over algorithmic rent-setting practices. MAA (Mid-America Apartments) operates properties across the Southeast, including South Carolina. Property managers in the Midlands using revenue management software (RealPage, Yardi, etc.) should review their pricing practices now. The legal theory, that sharing competitor data through a common algorithm constitutes price-fixing, is spreading to more jurisdictions. Document your independent pricing decisions. (Rental Housing Journal)
AI-generated rental application fraud is accelerating. Docuverus reports that AI-generated fake pay stubs and synthetic identities are now sophisticated enough to bypass standard screening. Houston and Atlanta are current hotspots; Columbia is not far behind given similar demographic patterns. If your screening stack relies solely on credit checks and bank statement uploads, it is not catching document-level fraud. Ask your screening vendor whether they verify metadata on income documents, not just the numbers printed on them. (Commercial Observer)
"Let America Build" campaign launches with industry-wide backing. NAR, NAHB, Zillow, Realtor.com, and 15+ organizations are pushing a unified message: the U.S. is short 4.03 million homes, and regulatory costs add 26%+ to new construction prices. The campaign follows the 21st Century ROAD to Housing Act, which ties CDBG (Community Development Block Grant) funding to local homebuilding performance. Richland and Lexington County officials should be aware: municipalities that streamline permitting will receive federal dollars. Local REALTOR associations should engage now. (RISMedia)
6 in 10 title companies hit by seller impersonation fraud. NAR reports that 60% of title insurance firms encountered seller impersonation attempts last year. In Columbia, vacant lot transactions and estate sales are the highest-risk categories. Title companies and closing attorneys should verify seller identity through in-person or video notarization, not just email correspondence. Agents listing vacant land in Richland or Lexington County: confirm ownership through the county assessor independently before accepting a listing agreement. (NAR)
EPA stormwater permit comment period closes September 17. NAHB toured Northern Virginia sites with SBA to demonstrate construction stormwater compliance burdens. The proposed NPDES CGP (National Pollutant Discharge Elimination System, Construction General Permit) changes would require all sediment basins to be fully stabilized before receiving runoff, adding cost and timeline to subdivisions over 5 acres. Midlands developers and builders breaking ground on new subdivisions should submit comments by tomorrow or coordinate through the Home Builders Association of Greater Columbia. (NAHB)