Throughout October, the 30-year fixed mortgage rate remained in the 7% range. According to Freddie Mac's weekly survey, it was 7.28% on October 1, and rose to 7.40% on October 8 and 15.

By the end of the month on October 29, it dropped slightly to 7.24%, but compared to 6.17% at the same time last year, it is over 1 percentage point higher. For those who have been house hunting, this number may raise the question of whether to "wait a little longer."

Today, we will summarize the market in Columbia and Howard County from both the tenant's and landlord's perspectives. First, it's good to clarify the reference point.

Bright MLS and the Maryland Association of Realtors typically release October transaction statistics around mid-November. At the time of writing, the October sales figures for Howard County have not yet been released.

Therefore, I will use the most recent available data from September for inventory indicators, while using October figures for interest rates and rents. The inventory data is compiled from Realtor.com and organized by the St. Louis Federal Reserve (FRED).

The median listing price in Howard County for September was $607,500, which is 6.2% lower than the $647,975 from September last year.

However, this is not the actual sale price but the median asking price of homes on the market. It can fluctuate depending on how many homes are listed, so it's difficult to definitively say that home prices have dropped that much.

Still, the trend is clear. After peaking at $691,500 in June, the median asking price has decreased for three consecutive months in July, August, and September.

The number of listings has also increased. In September, active listings totaled 538, which is 7.6% more than the 500 from September last year.

The speed of sales has slowed down. The median time a property stayed on the market in September was 35 days, which is 5 days longer than the 30 days from a year ago.

To summarize the numbers: interest rates are rising, inventory is increasing, and it takes longer to sell homes.

This means buyers have a bit more room for negotiation, while sellers can no longer expect their homes to sell immediately like in the spring. However, it's important to note that Howard County has not suddenly become a cheap market.

Rent, on the other hand, is moving in the opposite direction. According to RentCafe, as of October 30, the average rent in Columbia is $2,230.

This is a 3.28% increase from $2,159 a year ago. One-bedroom apartments average $1,978, two-bedrooms $2,332, and three-bedrooms $2,794.

When interest rates are high, more people delay buying homes, leaving that demand in the rental market. This is why rents are not easily decreasing.

For tenants, the first concern is likely, "With rents continuing to rise, should I buy now?" I hope you don't rush based solely on interest rates.

It's important to calculate monthly payments based on current rates, compare them with rents in the same neighborhood, and consider how long you plan to live in that home. If you're not sure about living there for more than five years, it might be more comfortable to continue renting.

For those approaching lease renewals, there are regulations to be aware of. Starting from leases signed after October 1, 2024, the Maryland security deposit can generally not exceed one month's rent.

This is a reduction from the previous cap of two months. If you plan to move, be sure to check if the deposit required by the new landlord falls within this range.

Landlords have a slightly different situation. In a rising rent market, concerns about vacancies are lessened, but it has become more important to adhere to regulations.

In Howard County, landlords must obtain a county rental housing license before entering into a lease with a tenant. The responsible party is the County Department of Inspections, Licenses, and Permits (DILP), and the license is issued only after passing a housing maintenance standards inspection.

Fees are updated annually by the county, so it's best to check the latest table on the Howard County website. You can also inquire about license status at the Rental Housing Office (410-313-1830).

Some may be considering selling investment properties. With inventory increasing and selling times lengthening, it's better to set realistic prices from the start to save time.

Conversely, if rental income is stable, there's less reason to rush to list during the winter slow season. It's important to consider that while competition is lower at the end of the year, there are also fewer buyers.

What I'm keeping an eye on in this market is the speed at which interest rates drop from the 7% range. The fact that they have decreased for two consecutive weeks since peaking in the second week of October is certainly a positive sign.

However, it's premature to say that the direction has changed based on just a week or two of movement. When the October transaction statistics are released in mid-November, I plan to reassess how actual sale prices have moved, rather than just asking prices.

In summary, tenants should first take care of deposit regulations and renewal conditions, while landlords should check their licenses and pricing strategies. If I were in your position, I would choose to calmly calculate the numbers rather than make hasty decisions.