Columbia SC Real Estate and Community News

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*

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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*

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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*

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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*

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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*

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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*

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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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