Columbia Real Estate Market Report

You may have noticed some "noise" lately about where the Columbia SC Real Estates Market is heading. Some accounts are optimistic while others, well, aren't. The good news is that the Columbia Real Estate local data provides a more reliable tone than national sound bites can offer. When it comes to hearing the market's true message, it may not necessarily be from the expected indicators, it may not be heard evenly across all segments and it may arrive in disjointed bursts. Let's listen.

The rate of inventory absorption in the Columbia Real Estate slowed as Month’s Supply of Inventory was up 28.2 percent to 15.3 months. New Homes for Sale decreased 0.8 percent to 1,539. Pending Sales were up 19.7 percent to 688. Inventory levels shrank 3.3 percent to 8,209 units, but even choosy buyers can still find top-notch homes.

Prices were more or less stable. The Median Columbia SC Home Sales Price increased 0.8 percent to $146,130. Days on Market increased 19.9 percent to 117 days. Affordability also improved.

On the national front, the interest rate dropped to 4.79 percent on a 30-year fixed conventional and 4.44 percent for FHA. The unemployment rate has been stable around 9.0 percent and initial unemployment claims have continued to fall. Wages and payroll jobs are also improving slowly. Debt ceiling negotiations and other background noises persist, while prolonged job growth is still the missing verse in the recovery song.