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Housing Supply Overview A spike in mortgage rates, increased building costs, and record-setting new home prices continue to take their toll on the construction industry, as new single-family home sales plunged 16.6% month-over-month, according to recent data from the Commerce Department. With the median price of a newly built home a record $450,600 as of… Read more »

Housing Supply Overview The share of Americans planning to purchase a home in the next year is falling, according to NAHB’s Housing Trends Report, with only 13% of adults intending to purchase a home in the next 12 months, the lowest level since mid-2020. Declining affordability and low inventory have made it difficult for many… Read more »

Housing Supply Overview Millennials are entering the housing market at a record pace, fueling demand and driving sales prices higher amid an epic housing shortage. Currently, millennials represent 22% of the U.S. population but make up 43% of the current market share, according to a survey by the National Association of REALTORS®. With nearly a… Read more »

Housing Supply Overview With a shortage of existing homes for sale, many prospective buyers are turning to new construction for their next home purchase. But with rising construction costs, many buyers are finding they can’t afford to purchase a new home. Nearly 7 out of 10 U.S. households can’t afford a new median-priced home, according… Read more »

Housing Supply Overview The average 30-year fixed-rate mortgage ended the month at 3.55%, nearly a full point higher than the low of 2.65% recorded in January 2020, with residential borrowing costs now the highest they’ve been since March 2020, according to Freddie Mac. As rates continue to rise, home price growth is predicted to increase… Read more »

Due to inclement weather, the House and the Senate did not meet in statewide session on Tuesday.  Both bodies returned to Columbia on Wednesday for week two of the 2022 session. The House spent short days on the floor allowing for committees to meet while the Senate began to work through items on their calendar, including certificate… Read more »

Housing Supply Overview With the U.S. economy booming, and with inflation at its highest level in nearly 40 years, the Federal Reserve recently announced the accelerated tapering of their bond purchasing program, now set to end March 2022. A series of hikes in the federal funds rate will likely follow. Economists expect the cumulative effects… Read more »

The Federal Housing Finance Agency (FHFA) just announced that they will direct Fannie Mae and Freddie Mac (the Enterprises) to raise their guarantee fees (g-fees) on high-cost loans and 2nd homes starting April 2nd. The fee increases will not apply to the Enterprises’ products for low-down payment borrowers whose income is 100% or below of… Read more »

Housing Supply Overview As fall winds down and winter approaches, the real estate market continues to follow typical seasonality trends. After a year of recordsetting activity, homes are still selling quickly and at a steady pace, and strong demand and low inventory help ensure the market will remain competitive for some time to come. Although… Read more »

COLUMBIA, S.C. (December 7, 2021) — South Carolina REALTORS® (SCR) has awarded upstate broker in charge and owner,  William “Andy” Lee, of Lake Keowee Real Estate, with its Realtor® Advocate Award. The award was presented during the association’s gala event at Washington Place in Columbia. The Realtor® Advocate Award is given annually to a REALTOR®… Read more »