Columbia SC Real Estate and Community News

June 20, 2024

Columbia SC Real Estate Market Update

May 2024

U.S. existing-home sales fell for the second month in a row, sliding 1.9% monthover-
month and 1.9% year-over-year, according to the National Association of
REALTORS® (NAR), with sales down in all four regions of the country. Higher
borrowing costs and accelerating home prices continue to weigh on demand,
pushing some prospective buyers to the sidelines and causing market activity to
slump ahead of summer.

New Listings were up 21.8 percent to 1,716. Pending Sales increased 4.1 percent to
1,311. Inventory grew 54.0 percent to 2,545 units.

Prices moved higher as Median Sales Price was up 3.1 percent to $278,500. Days
on Market increased 5.0 percent to 42 days, the ninth consecutive month of yearover-
year gains. Months Supply of Inventory was up 53.3 percent to 2.3 months,
indicating that supply increased relative to demand.

Home prices have continued to climb nationwide, despite an uptick in inventory this
year. Nationally, the median existing-home price reached $407,600 as of last
measure, a 5.7% increase from the same period last year and a record high for the
month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21
million units, a 9% increase month-over-month and a 16.3% increase year-overyear,
for a 3.5 month’s supply at the current sales pace.

Information courtesy of CMLS*

May 17, 2024

Columbia SC Real Estate Market Update

April 2024

U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-
month to a seasonally adjusted annual rate of 4.19 million, according to the
National Association of REALTORS® (NAR), as higher interest rates and rising sales
prices continue to keep some prospective buyers on the sidelines. Average 30-year
mortgage rates have topped 7% in recent weeks, while the median existing-home
sales price hit $393,500 as of last measure, a 4.8% increase from the previous
month, according to NAR.

New Listings were up 19.8 percent to 1,576. Pending Sales increased 10.2 percent
to 1,436, the eighth consecutive month of year-over-year gains. Inventory grew 42.1
percent to 2,368 units.

Prices moved lower as Median Sales Price was down 0.1 percent to $265,756. Days
on Market increased 12.2 percent to 46 days. Months Supply of Inventory was up
46.7 percent to 2.2 months, indicating that supply increased relative to demand.

Warmer temperatures appear to have helped bring some sellers back to the market,
providing additional options to home shoppers during the spring buying season.
Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2
months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home
spending 33 days on market nationwide, down from 38 days the month before.

Information courtesy of CMLS*

April 19, 2024

Columbia SC Real Estate Market Update

March 2024

U.S. existing-home sales improved for the second month in a row, jumping 9.5% to
a seasonally adjusted annual rate of 4.38 million units, exceeding economists’
expectations and marking the largest monthly gain in a year, according to the
National Association of REALTORS®(NAR). The rebound in home sales comes amid
fluctuating mortgage rates and elevated sales prices, indicating there is plenty of
buyer demand heading into the spring selling season.

New Listings were up 8.9 percent to 1,618. Pending Sales increased 7.4 percent to
1,382, the seventh consecutive month of year-over-year gains. Inventory grew 34.5
percent to 2,458 units.

Prices moved higher as Median Sales Price was up 2.7 percent to $271,241. Days
on Market increased 17.8 percent to 53 days. Months Supply of Inventory was up
43.8 percent to 2.3 months, indicating that supply increased relative to demand.

The recent surge in home sales was likely due to a dip in mortgage rates in
December and an increase in housing supply nationwide. According to NAR, total
inventory grew 5.9% month-over-month and 10.3% year-over-year to 1.07 million
units, for a 2.9 months’ supply at the current sales pace. Buyer demand remains
robust, and the limited supply of inventory helped push the median existing-home
sales price up 5.7% year-over-year to $384,500, the eighth consecutive month of
annual price increases.

Information courtesy of CMLS*

March 19, 2024

Columbia SC Real Estate Market Update

February 2024

U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted
annual rate of 4.00 million, exceeding economists’ expectations and marking the
strongest sales pace since August 2023, according to the National Association of
REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick
in inventory, helped existing-home sales to climb following last month’s decline, with
monthly gains reported in the Midwest, South, and West regions.

New Listings were up 14.9 percent to 1,282. Pending Sales increased 10.8 percent
to 1,158. Inventory grew 32.2 percent to 2,388 units.

Prices moved higher as Median Sales Price was up 4.1 percent to $263,740. Days
on Market increased 4.3 percent to 49 days. Months Supply of Inventory was up
37.5 percent to 2.2 months, indicating that supply increased relative to demand.

Total inventory heading into February stood at 1.01 million units, a 2% increase from
the previous month and a 3.1% increase from the same time last year, for a 3
months’ supply at the current sales pace, according to NAR. Although buyers may
find additional options in their home search, inventory remains below the 5-6
months’ supply of a balanced market, and demand is exceeding supply. As a result,
existing-home sales prices have continued to rise, climbing 5.1% year-over-year to
$379,100.

Information courtesy of CMLS*

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*