Columbia SC Real Estate and Community News

Oct. 18, 2024

Columbia SC Real Estate Market Update

September 2024

U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a
seasonally adjusted annual rate of 3.86 million units, according to the National
Association of REALTORS® (NAR). Meanwhile, home prices have continued to
reach record heights nationwide, with NAR reporting a median sales price of
$416,700 as of last measure, a 3.1% increase from the same time last year and a
new high for the month.

New Listings were up 3.5 percent to 1,341. Pending Sales increased 4.5 percent to
1,037. Inventory grew 37.6 percent to 2,913 units.

Prices moved higher as Median Sales Price was up 5.5 percent to $274,198. Days
on Market increased 32.4 percent to 45 days, the twelfth consecutive month of yearover-
year gains. Months Supply of Inventory was up 35.0 percent to 2.7 months, the
twelfth consecutive month of year-over-year gains.

Amid slower home sales, inventory has continued to grow across the country.
According to NAR, there were 1.35 million units for sale heading into September, a
0.7% increase from the previous month and a 22.7% jump from the same time last
year. And while monthly existing-home sales were lower than expected this period,
NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with
lower mortgage rates, should help sales improve in the months ahead.

Information courtesy of CMLS*

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Sept. 19, 2024

Columbia SC Real Estate Market Update

August 2024

U.S. existing-home sales increased for the first time in 5 months, as lower mortgage
rates and rising supply helped boost market activity. According to the National
Association of REALTORS® (NAR), sales of previously owned homes rose 1.3%
month-over-month to a seasonally adjusted annual rate of 3.95 million units,
exceeding economists’ expectations and ending the downward trend of recent
months.

New Listings were up 11.2 percent to 1,581. Pending Sales increased 14.9 percent
to 1,217. Inventory grew 43.8 percent to 2,912 units.

Prices moved higher as Median Sales Price was up 1.6 percent to $279,258. Days
on Market increased 21.2 percent to 40 days, the eleventh consecutive month of
year-over-year gains. Months Supply of Inventory was up 42.1 percent to 2.7
months, the eleventh consecutive month of year-over-year gains.

Nationally, total housing inventory edged up 0.8% from the previous month to 1.33
million units heading into August, for a 4.0-month supply at the current sales pace,
NAR data shows. Although inventory is up nearly 20% compared to the same time
last year, demand continues to outpace supply, putting upward pressure on sales
prices. According to NAR, the nationwide median existing-home price rose 4.2%
year-over-year to $422,600 at last measure, marking the 13th consecutive month of
annual price increases.

Information courtesy of CMLS*

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Aug. 15, 2024

Columbia SC Real Estate Market Update

July 2024

U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a
seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all
four regions, according to the National Association of REALTORS® (NAR). Higher
mortgage rates, along with rising sales prices, have kept many prospective buyers
on the sidelines, despite more home choices and less competition for those homes.

New Listings were up 12.9 percent to 1,571. Pending Sales increased 11.4 percent
to 1,224. Inventory grew 52.4 percent to 2,835 units.

Prices were stable as Median Sales Price remained flat at $276,653. Days on Market
increased 26.5 percent to 43 days, the tenth consecutive month of year-over-year
gains. Months Supply of Inventory was up 52.9 percent to 2.6 months, the tenth
consecutive month of year-over-year gains.

Home prices have maintained their upward trend across much of the country, even
as sales slow and inventory improves. According to NAR, the national median
existing-home sales price climbed 4.1% year-over-year to $426,900 as of last
measure, an all-time high. Meanwhile, total housing inventory increased 3.1% monthover-
month to 1.32 million units heading into July, the highest level since 2020, for a
4.1-month supply at the current sales pace.

Information courtesy of CMLS*

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July 19, 2024

Columbia SC Real Estate Market Update

June 2024

U.S. existing-home sales declined for the third consecutive month, as higher
mortgage rates and rising sales prices hindered market activity during what has
traditionally been one of the busiest months of the year. According to the National
Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7%
month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of
4.11 million units.

New Listings were up 6.6 percent to 1,638. Pending Sales increased 4.9 percent to
1,259. Inventory grew 51.5 percent to 2,730 units.

Prices moved higher as Median Sales Price was up 2.9 percent to $285,000. Days
on Market increased 5.1 percent to 41 days, the ninth consecutive month of yearover-
year gains. Months Supply of Inventory was up 47.1 percent to 2.5 months,
indicating that supply increased relative to demand.

Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million
units heading into June, for a 3.7 months’ supply at the current sales pace,
according to NAR. However, the increase in supply has yet to temper home prices,
which have continued to rise nationwide. At last measure, the median existing-home
price climbed to $419,300, a 5.8% increase rom the same period last year and a
record high for the month.

Information courtesy of CMLS*

 

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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*

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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*

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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*

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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*

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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*

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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*

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