Columbia SC Real Estate and Community News

June 15, 2023

Columbia SC Real Estate Market Update

May 2023

Existing-home sales slid for the second consecutive month, falling 3.4% nationwide
as of last measure, according to the National Association of REALTORS® (NAR), as
higher interest rates continue to impact buyer affordability. Sales are down 23%
compared to the same period a year ago, while contract signings dropped 20.3%
year-over-year. With sales cooling, buyers in some parts of the country have found
relief in the form of declining sales prices, which are down 1.7% year-over-year
nationally, although more affordable markets continue to see price gains.

New Listings were down 8.1 percent to 1,462. Pending Sales decreased 0.7 percent
to 1,364. Inventory grew 32.1 percent to 1,709 units.

Prices moved higher as Median Sales Price was up 0.4 percent to $270,981. Days
on Market increased 90.5 percent to 40 days. Months Supply of Inventory was up
50.0 percent to 1.5 months, indicating that supply increased relative to demand.

While fluctuating interest rates have pushed some buyers to the sidelines, a
shortage of inventory is also to blame for lower-than-average home sales this time
of year, as current homeowners, many of whom locked in mortgage rates several
percentage points below today’s current rates are delaying the decision to sell until
market conditions improve. With only 2.9 months’ supply heading into May,
available homes are moving fast, with the typical

Information courtesy of CMLS*

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May 1, 2023

Columbia SC Real Estate Market Update

March 2023

Nationally, existing home sales jumped 14.5% month-over-month as of last
measure, the first monthly gain in 12 months, and representing the largest monthly
increase since July 2020, according to the National Association of REALTORS®
(NAR). The sudden uptick in sales activity stems from contracts signed toward the
beginning of the year, when mortgage rates dipped to the low 6% range, causing a
surge in homebuyer activity. Pending sales have continued to improve heading into
spring , increasing for the third consecutive month, according to NAR.

New Listings were down 5.6 percent to 1,510. Pending Sales decreased 4.1 percent
to 1,372. Inventory grew 69.6 percent to 1,840 units.

Prices moved higher as Median Sales Price was up 3.9 percent to $265,000. Days
on Market increased 66.7 percent to 45 days. Months Supply of Inventory was up
100.0 percent to 1.6 months, indicating that supply increased relative to demand.

Monthly sales might have been even higher if not for limited inventory nationwide. At
the current sales pace, there were just 2.6 months’ supply of existing homes at the
beginning of March, far below the 4 – 6 months’ supply of a balanced market.
Inventory remains suppressed in part because of mortgage interest rates, which
nearly hit 7% before falling again in recent weeks. Higher rates have continued to
put downward pressure on sales prices, and for the first time in more than a decade,
national home prices were lower year-over-year, according to NAR, breaking a 131-
month streak of annual price increases.

Information courtesy of CMLS*

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March 16, 2023

Columbia SC Real Estate Market Update

February 2023

In its continued effort to curb inflation, the Federal Reserve raised its benchmark
interest rate in February by a quarter-percentage point to 4.50% - 4.75%, its 8th
rate hike since March of last year, when the interest rate was nearly zero. Mortgage
interest rates have dipped slightly from their peak last fall, leading pending sales to
increase 8.1% month-to-month as of last measure, but affordability constraints
continue to limit homebuyer activity overall, with existing-home sales declining for
the twelfth consecutive month, according to the National Association of Realtors®
(NAR).

New Listings were down 15.9 percent to 1,134. Pending Sales decreased 8.3
percent to 1,118. Inventory grew 62.9 percent to 1,851 units.

Prices moved higher as Median Sales Price was up 1.8 percent to $254,495. Days
on Market increased 53.3 percent to 46 days. Months Supply of Inventory was up
100.0 percent to 1.6 months, indicating that supply increased relative to demand.

With buyer demand down from peak levels, home price growth has continued to
slow nationwide, although prices remain up from a year ago. Sellers have been
increasingly cutting prices and offering sales incentives in an attempt to attract
buyers, who have continued to struggle with affordability challenges this winter. The
slight decline in mortgage rates earlier this year convinced some buyers to come off
the sidelines, but with rates ticking up again in recent weeks, buyers are once again
pulling back, causing sales activity to remain down heading into spring.

Information courtesy of CMLS*

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Feb. 15, 2023

Columbia SC Real Estate Market Update

January 2023

The US housing market began the year in a state of rebalance, with many buyers
and sellers remaining cautious while they wait to see where the market is headed.
Nationally, pending sales rose 2.5% month-to-month, marking the first increase
since May, while sales of existing homes fell 1.5% as of last measure, according to
the National Association of Realtors® (NAR). Demand for housing persists, but
higher mortgage interest rates have cut into housing affordability, with total home
sales down 17.8% last year compared to 2021.

New Listings were up 10.9 percent to 1,285. Pending Sales decreased 17.5 percent
to 1,012. Inventory grew 71.9 percent to 1,955 units.

Prices moved higher as Median Sales Price was up 4.2 percent to $250,000. Days
on Market increased 64.3 percent to 46 days. Months Supply of Inventory was up
112.5 percent to 1.7 months, indicating that supply increased relative to demand.

As sales slow, time on market is increasing, with the average home spending 26
days on market as of last measure, according to NAR. Seller concessions have
made a comeback, giving buyers more time and negotiating power when shopping
for a home. Although home prices remain high, mortgage rates declined steadily
throughout January, falling to their lowest level since September, sparking a recent
surge in mortgage demand. Lower rates should aid in affordability and may soon
lead to an uptick in market activity ahead of the spring selling season.

Information courtesy of CMLS*

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Jan. 18, 2023

Columbia SC Real Estate Market Update

December 2022

2022 was a turbulent year for the US housing market, as inflation, soaring interest
rates, and elevated sales prices combined to cause a slowdown nationwide.
Affordability challenges continue to limit market activity, with pending home sales
and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over-
year, respectively, according to the National Association of REALTORS®
(NAR). Higher mortgage rates are also impacting prospective sellers, many of whom
have locked in historically low rates and have chosen to wait until market conditions
improve before selling their home.

New Listings were down 14.6 percent to 858. Pending Sales decreased 13.9
percent to 840. Inventory grew 38.2 percent to 1,843 units.

Prices moved higher as Median Sales Price was up 9.7 percent to $266,010. Days
on Market increased 60.0 percent to 40 days. Months Supply of Inventory was up
60.0 percent to 1.6 months, indicating that supply increased relative to demand.

Economists predict sales will continue to slow and housing prices will soften in
many markets over the next 12 months, with larger price declines projected in more
expensive areas. However, national inventory shortages will likely keep prices from
dropping too much, as buyer demand continues to outpace supply, which remains
limited at 3.3 months, according to NAR. Even if prices fall, many prospective
buyers will find it difficult to afford a home in 2023, as higher rates have diminished
purchasing power, adding hundreds of dollars to monthly mortgage payments.

Information courtesy of CMLS*

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Dec. 21, 2022

Columbia SC Real Estate Market Update

November 2022

Housing affordability continues to be a major roadblock for market participants, with
mortgage rates more than double compared to this time last year. Buyers are
delaying home purchases in hopes rates will drop, while many sellers are holding off
on listing their homes due to weakening buyer demand, unwilling to trade in their
current lower rates for significantly higher borrowing costs on their next property. As
a result, existing-home and pending home sales have continued to slow as we move
into winter.

New Listings were down 22.1 percent to 988. Pending Sales decreased 28.1
percent to 850. Inventory grew 47.9 percent to 2,119 units.

Prices moved higher as Median Sales Price was up 11.7 percent to $260,285. Days
on Market increased 65.2 percent to 38 days. Months Supply of Inventory was up
80.0 percent to 1.8 months, indicating that supply increased relative to demand.

With home sales down, nationwide housing inventory was at 3.3 months’ supply
heading into November, up from 2.4 months from this time last year, according to
the National Association of REALTORS®. Although buyers have more options to
choose from, home prices remain high, and soaring borrowing costs have caused
monthly payments to increase significantly, with the average homebuyer paying
77% more on their loan per month compared to the same period a year ago,
according to Realtor.com.

Information courtesy of CMLS*

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Nov. 18, 2022

Columbia SC Real Estate Market Update

October 2022

Existing home sales declined nationwide for the eighth consecutive month, falling
1.5% as of last measure, according to the National Association of REALTORS®
(NAR), with sales down nearly 24% from the same period last year. Pending home
sales also declined, dropping 10.9% month-to-month, exceeding economists’
expectations. Stubbornly high inflation and soaring borrowing costs have eroded
buyer purchasing power and have caused the market to cool rapidly this year.

New Listings were down 24.0 percent to 1,150. Pending Sales decreased 25.5
percent to 1,004. Inventory grew 44.4 percent to 2,154 units.

Prices moved higher as Median Sales Price was up 10.2 percent to $258,725. Days
on Market increased 40.0 percent to 28 days. Months Supply of Inventory was up
63.6 percent to 1.8 months, indicating that supply increased relative to demand.

The US housing market is undergoing a major shift, and affordability continues to be
an obstacle for buyers and sellers. Mortgage rates have doubled since March, and
home prices remain elevated due to a limited supply of homes, although price gains
are slowing at a quickening pace. As a result, many homeowners are waiting until
market conditions improve to sell their home, while other sellers are increasingly
cutting prices and offering concessions to attract a greater number of buyers.

Information courtesy of CMLS*

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Oct. 17, 2022

Columbia SC Real Estate Market Update

September 2022

The U.S. real estate market continues to slow as we move into fall, as rising
consumer prices and higher mortgage interest rates squeeze homebuyer budgets
and cool activity. With inflation showing little sign of abating, the Federal Reserve
implemented another 75-basis-point hike in September, marking the third such rate
increase this year. The cost of borrowing has reached multi-year highs on everything
from credit cards to auto loans in 2022 as mortgage interest rates topped 6% for the
first time since 2008, causing existing home sales to decline for the seventh
consecutive month.

New Listings were down 12.9 percent to 1,373. Pending Sales decreased 12.3
percent to 1,197. Inventory grew 39.2 percent to 2,109 units.

Prices moved higher as Median Sales Price was up 15.5 percent to $271,462. Days
on Market increased 42.1 percent to 27 days. Months Supply of Inventory was up
54.5 percent to 1.7 months, indicating that supply increased relative to demand.

Affordability challenges have priced many buyers out of the market this year, and
buyers who do succeed in purchasing a home are finding that the costs of
homeownership have increased significantly, with monthly mortgage payments
more than 55% higher than a year ago, according to the National Association of
REALTORS®. Inventory remains lower than normal, and as the market continue to
shift, experts project homes will begin to spend more days on market and price
growth will slow in the months ahead.

Information courtesy of CMLS*

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Sept. 15, 2022

Columbia SC Real Estate Market Update

August 2022

Summer 2022 has been a season of change for the U.S. real estate market. With
housing affordability at a 33-year low, existing-home sales have continued to soften
nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of last
measure, according to the National Association of REALTORS® (NAR). Pending
home sales have also continued to decline, while new listings have steadily
increased, with unsold inventory reaching 3.3 months’ supply at the start of August.
The pullback in demand has been particularly hard on homebuilders, causing new home
sales and construction to slow.

New Listings were down 1.0 percent to 1,634. Pending Sales decreased 8.0 percent
to 1,388. Inventory grew 41.5 percent to 2,082 units.

Prices moved higher as Median Sales Price was up 20.3 percent to $276,790. Days
on Market increased 22.2 percent to 22 days. Months Supply of Inventory was up
45.5 percent to 1.6 months, indicating that supply increased relative to demand.

Inflation, higher interest rates, and fears of a potential recession have taken a toll on
buyers and sellers this summer, leading many people to stay on the sidelines to see
what will happen with the market. But some experts, including NAR Chief Economist
Lawrence Yun, believe the worst of inflation may be over. Although sales prices
remain up from this time last year, price growth is expected to moderate in the
months ahead as the market continues to shift in a more buyer-friendly direction.

Information courtesy of CMLS*

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Aug. 16, 2022

Columbia SC Real Estate Market Update

July 2022

The U.S. housing market has continued to cool, as rising mortgage rates and record-high
sales prices have stifled affordability, weakening demand and pricing out a
multitude of buyers. Nationally, median household income has failed to keep pace
with increasing mortgage payments, with the costs of buying a home about 80%
more expensive now than they were just three summers ago, according to the
National Association of REALTORS® (NAR). As more and more prospective buyers
find their home purchase plans delayed, many are turning to the rental market,
where competition has intensified due to increased demand.

New Listings were down 16.2 percent to 1,621. Pending Sales decreased 14.5
percent to 1,306. Inventory grew 32.6 percent to 1,982 units.

Prices moved higher as Median Sales Price was up 20.0 percent to $274,818. Days
on Market increased 23.5 percent to 21 days. Months Supply of Inventory was up
36.4 percent to 1.5 months, indicating that supply increased relative to demand.

At a time of year when homebuying activity is typically very strong, soaring
homeownership costs have caused home sales to decline nationwide for the fifth
consecutive month, with existing-home sales falling 5.4% month-to-month and
14.2% year-over-year as of last measure, according to NAR. But there is a bright
spot. Inventory of existing homes has continued to climb this summer, with 1.26
million homes available at the beginning of July, equivalent to a 3 months’ supply.
And despite the summer slowdown, homes are still selling quickly, with the typical
home staying on market an average of 14 days.

Information courtesy of CMLS*

 

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