Columbia SC Real Estate and Community News

Feb. 20, 2024

Columbia SC Real Estate Market Update

January 2024

U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2%
year-over-year as of last measure, while pending sales jumped 8.3% from the
previous month, marking the largest gain since June 2020, according to the National
Association of REALTORS® (NAR). Mortgage rates have dropped significantly from
their peak last fall, and homebuyers are beginning to come out of the woodwork,
with NAR forecasting a 13% increase in existing-home sales this year compared to
2023.

New Listings were up 17.9 percent to 1,472. Pending Sales increased 24.6 percent
to 1,165. Inventory grew 29.9 percent to 2,452 units.

Prices moved higher as Median Sales Price was up 3.2 percent to $258,000. Days
on Market decreased 4.3 percent to 44 days. Months Supply of Inventory was up
35.3 percent to 2.3 months, indicating that supply increased relative to demand.

Despite tepid sales activity, the persistent shortage of housing supply has helped
prop up home values nationwide, with the median existing-home price rising 4.4%
year-over-year to $382,600, according to NAR. Total unsold inventory was at 1
million units heading into January, an 11.5% decline from the previous month, for a
3.2 months’ supply at the current sales pace. Nationally, listing activity has started
to pick up, and with mortgage rates stabilizing and housing completions on the rise,
inventory is expected to improve in the coming months.

Information courtesy of CMLS*

Jan. 16, 2024

Columbia SC Real Estate Market Update

December 2023

U.S. existing-home sales rose from a 13-year low, climbing 0.8% from the previous
month and breaking a five-month streak in which sales declined, according to the
National Association of REALTORS® (NAR). Despite the increase, sales were down
7.3% compared to the same period last year, as affordability challenges continue to
hinder prospective buyers. Most of this period’s closed sales went under contract in
October, when mortgage rates were at a two-decade high. With rates having
dropped more than a full percentage point since then, existing-home sales may
continue to pick up in the months ahead.

New Listings were up 18.8 percent to 986. Pending Sales increased 9.7 percent to
828. Inventory grew 33.4 percent to 2,345 units.

Prices moved higher as Median Sales Price was up 2.3 percent to $271,418. Days
on Market increased 7.5 percent to 43 days. Months Supply of Inventory was up
46.7 percent to 2.2 months, indicating that supply increased relative to demand.

Low levels of inventory continue to impact U.S. home sales, offering few options for
aspiring buyers to choose from. Going into December there were 1.13 million units
for sale, down 1.7% from the previous month but up 0.9% from the same period last
year, for a 3.5 months’ supply at the current sales pace. As a result, sales prices
remain high nationwide, with NAR reporting the median existing-home price rose
4% annually to $387,600 as of last measure, the fifth consecutive month of yearover-
year price gains. Homebuyer demand is picking up, and without a significant
increase in supply, experts believe home prices will likely remain elevated for some
time to come.

Information courtesy of CMLS*

Dec. 29, 2023

Columbia SC Real Estate Market Update

November 2023

Low inventory, elevated sales prices, and decades-high interest rates continue to
weigh on the housing market, causing sales of existing homes to fall to their slowest
pace since August 2010. According to the National Association of REALTORS®
(NAR), U.S. existing-home sales declined 4.1% month-over-month and 14.6% yearover-
year as of last measure, as prospective buyers, faced with rising
homeownership costs, wait for mortgage rates, and home prices, to drop.

New Listings were up 22.7 percent to 1,162. Pending Sales increased 14.5 percent
to 929. Inventory grew 31.2 percent to 2,475 units.

Prices moved higher as Median Sales Price was up 3.0 percent to $267,865. Days
on Market increased 5.1 percent to 41 days. Months Supply of Inventory was up
43.8 percent to 2.3 months, indicating that supply increased relative to demand.

Inventory remains at historically low levels nationwide, with only 1.15 million homes
for sale heading into November, a 5.7% decline compared to the same time last
year, for a 3.6 months’ supply at the current sales pace. The shortage of available
properties for sale has kept pressure on home prices, which have continued to climb
despite the slowdown in sales. According to NAR, the U.S. median existing-home
sales price increased 3.4% from a year ago to $391,800, an all-time high for the
month, with annual price gains reported in all four regions of the country.

Information courtesy of CMLS*

Dec. 11, 2023

Columbia SC Real Estate Market Update

October 2023

U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% monthover-
month and 15.4% year-over-year as of last measure, according to the National
Association of REALTORS® (NAR), as surging interest rates and elevated sales
prices continue to make homeownership unaffordable for many prospective buyers.
Purchase activity is down significantly compared to this time last year, but rising
interest rates are also keeping many current homeowners from selling, causing
inventory to remain at historically low levels nationwide.

New Listings were up 32.0 percent to 1,441. Pending Sales increased 13.3 percent
to 1,053. Inventory grew 25.1 percent to 2,465 units.

Prices moved higher as Median Sales Price was up 4.4 percent to $270,000. Days
on Market increased 25.0 percent to 35 days. Months Supply of Inventory was up
43.8 percent to 2.3 months, indicating that supply increased relative to demand.

Total housing inventory going into October was at 1.13 million units, up 2.7% from
the previous month but down 8.1% compared to the same time last year, for a 3.4
months’ supply at the current sales pace, according to NAR. The shortage of homes
for sale is making it harder for buyers to find a home to purchase while at the same
time pushing sales prices higher nationwide, with the median existing-home sales
price rising 2.8% annually to $394,300, the third consecutive month of year-overyear
price increases.

Information courtesy of CMLS*

Oct. 23, 2023

Columbia SC Real Estate Market Update

September 2023

National sales of existing homes recently fell to a 7-month low, as surging borrowing
costs, rising sales prices, and limited inventory continue to keep many would-be
buyers out of the market. Borrowers have become increasingly sensitive to
fluctuations in mortgage rates, which have remained above 7% since mid-August.
With fewer buyers able to afford the costs of homeownership, existing-home sales
declined 0.7% month-over-month and were down 15.3% year-over-year, according
to the National Association of REALTORS®(NAR).

New Listings were up 6.7 percent to 1,395. Pending Sales increased 0.9 percent to
1,093. Inventory grew 16.5 percent to 2,302 units.

Prices moved lower as Median Sales Price was down 3.9 percent to $260,000. Days
on Market increased 25.9 percent to 34 days. Months Supply of Inventory was up
37.5 percent to 2.2 months, indicating that supply increased relative to demand.

Prices have continued to increase this fall despite softening home sales nationwide,
as a lack of inventory has kept the market competitive for prospective buyers,
sparking bidding wars and causing homes to sell for above asking price in some
areas. Heading into September there were only 1.1 million units available for sale,
0.9% fewer than a month ago and 14.1% fewer than the same period last year,
according to NAR. As a result, the U.S. median existing-home sales price rose 3.9%
year-over-year to $407,100, marking the third consecutive month that the median
sales price topped $400,000.

Information courtesy of CMLS*

Sept. 22, 2023

Columbia SC Real Estate Market Update

August 2023

Higher mortgage rates, along with elevated sales prices and a lack of housing
inventory, have continued to impact market activity during the summer homebuying
season. The average 30-year fixed-rate mortgage has remained above 6.5% since
May, recently hitting a two-decade high in August, according to Freddie Mac. As a
result, existing-home sales have continued to slow nationwide, dropping 2.2%
month-over-month as of last measure, with sales down 16.6% compared to the
same time last year, according to the National Association of REALTORS® (NAR).

New Listings were down 4.7 percent to 1,477. Pending Sales decreased 8.2 percent
to 1,157. Inventory grew 11.3 percent to 2,160 units.

Prices were stable as Median Sales Price remained flat at $275,000. Days on Market
increased 50.0 percent to 33 days. Months Supply of Inventory was up 33.3 percent
to 2.0 months, indicating that supply increased relative to demand.

Falling home sales have done little to cool home prices, however, which have
continued to sit at record high levels nationally thanks to a limited supply of homes
for sale. According to NAR, there were 1.11 million homes for sale heading into
August, 14.6% fewer homes than the same period last year, for a 3.3 months’
supply at the current sales pace. The shortage of homes for sale has boosted
competition for available properties and is driving sales prices higher, with NAR
reporting a national median existing-home price of $406,700, a 1.9% increase from
a year earlier.

Information courtesy of CMLS*

Aug. 18, 2023

Columbia SC Real Estate Market Update

July 2023

Affordability constraints have continued to limit homebuying activity this summer,
with existing-home sales falling 3.3% month-over-month nationwide as of last
measure, according to the National Association of REALTORS® (NAR). Mortgage
rates have approached 7% in recent months, leading many prospective buyers to
put their home purchase plans temporarily on hold. But higher rates have also kept
many existing homeowners from listing their homes for fear of giving up the low-rate
mortgages they locked in a few years ago, when rates were significantly lower.

New Listings were down 7.1 percent to 1,440. Pending Sales decreased 0.8 percent
to 1,200. Inventory grew 5.5 percent to 1,981 units.

Prices moved higher as Median Sales Price was up 1.2 percent to $277,090. Days
on Market increased 61.9 percent to 34 days. Months Supply of Inventory was up
20.0 percent to 1.8 months, indicating that supply increased relative to demand.

Despite a drop in existing-home sales, home prices have remained near record
highs, with a national median sales price of $410,200 as of last measure, 0.9%
below the all-time high of $413,800 recorded in June 2022, according to NAR. With
only 3.1 months’ supply heading into July, the lack of inventory has boosted
competition among buyers and put upward pressure on sales prices, especially in
more affordable markets, where competition for homes remains particularly strong.

Information courtesy of CMLS*

July 17, 2023

Columbia SC Real Estate Market Update

June 2023

Temperatures are heating up, yet the U.S. housing market remains cooler than usual
for this time of year due to a combination of low inventory and higher borrowing
costs, which have restricted market activity going into the summer homebuying
season. According to the latest data from the National Association of REALTORS®
(NAR), national existing-home sales climbed 0.2% from the previous month but were
down 20.4% compared to the same time last year, as fluctuating mortgage rates
and a near all-time low level of inventory continues to influence home sales.

New Listings were down 17.3 percent to 1,592. Pending Sales decreased 0.4
percent to 1,315. Inventory grew 8.6 percent to 1,891 units.

Prices moved lower as Median Sales Price was down 0.4 percent to $279,000. Days
on Market increased 85.7 percent to 39 days. Months Supply of Inventory was up
30.8 percent to 1.7 months, indicating that supply increased relative to demand.

Nationwide, total housing inventory increased 3.8% from the previous month, for a 3-
month’s supply at the current sales pace. The shortage of homes for sale has kept
prices high for remaining buyers, with a national median sales price of $396,100 as
of last measure, a 3.1% decline from the same time last year and the largest annual
decrease since December 2011, according to NAR. As demand continues to
outpace supply, properties are selling quickly, with the majority of homes listed for
sale on the market for less than a month.

Information courtesy of CMLS*

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*

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*