I've been frequently asked to summarize Columbia's home prices as of October. However, I must be honest about one thing: as of early November, the official transaction statistics for the month of October have not yet been fully released.

The monthly report from the Columbia Board of Realtors is typically published a few weeks after the end of the month. So today, I will share the latest confirmed figures and the indicators that actually moved in October.

The first number to look at is from Zillow. Based on data up to August 31, the typical home price in Columbia (Zillow Home Value Index) was $324,526.

This is a 2.7% increase compared to a year ago. The same source reported the median sale price at $329,290.

The difference between these two numbers is not an error. One represents the estimated value of all homes, while the other is the median value of homes that were actually sold, so they naturally differ slightly.

What's noteworthy is the time it takes for listings to go under contract. According to Zillow, the median days on market was 17 days.

This means that even with high interest rates, decent homes are going under contract within three weeks. This speed can lead to missed opportunities if you take too long to decide.

A review of the first half of the year based on Redfin data shows a similar picture. From January to June, the median sale price in Columbia was an average of $326,661, which is a 4.8% increase compared to the previous year.

If we widen the scope to include the county, the numbers rise slightly. According to the Realtor Association data, single-family home transactions in the first half of the year increased by 3%, with the median price rising by 5% to $345,000.

Looking at just June, the median sale price actually decreased to $350,000, down 1%. This suggests that rather than a decline in prices, the pace of growth is simply taking a breather.

By price range, the trends diverge. Transactions for homes priced over $500,000 decreased by 13% in June, while transactions in lower price ranges increased.

Condo transactions decreased by 16% in the first half of the year. For those considering a condo as a first home, this could present an opportunity for negotiation.

So, what has definitely changed in October? The biggest variable has been mortgage rates.

According to Freddie Mac's weekly survey, the 30-year fixed mortgage rate rose to 7.40% by mid-October, reaching its highest point this year. On October 22, it slightly decreased to 7.32%.

On the same day, the average 15-year fixed rate was 6.68%. Considering it was in the low 6% range at the beginning of the year, the burden has significantly increased over the past year.

For example, even if you buy the same house, a 1% increase in interest rates noticeably raises your monthly principal and interest payments. Therefore, I recommend recalibrating your budget based on monthly payments rather than just the home price itself.

The impact of the October interest rate levels on actual transactions typically reflects in statistics one to two months later. Since there is a time lag from contract to closing, the effects will likely be more evident in the November and December statistics.

On the rental side, there is some data available for October. The Zumper report near Columbia College (updated November 2) recorded the median rent for October at $1,425 per month.

This same source indicates a 19% increase compared to a year ago. Honestly, I was a bit surprised when I first saw this.

However, this figure is based on the asking prices of specific listings in certain areas, so it can be misleading if interpreted as the overall city rent. The sample size was 385 listings that came on the market that month.

For the entire city, Trulia's May data serves as a reference. The average rent for a one-bedroom was $995, and for a two-bedroom, it was $1,113.

Columbia's rental market fluctuates significantly based on the academic calendar. After the summer leasing season, when demand from University of Missouri students peaks, the fall tends to see asking prices formed based on the remaining inventory.

At this point, the biggest dilemma is whether to endure renting or to buy now. Looking at the numbers alone, the answer isn't clear-cut.

Home prices haven't dropped significantly, and interest rates are in the 7% range. Conversely, there are signs that competition is relatively less intense for single-family homes and condos priced below $500,000.

If I were in your position, I would do the following: If I was certain about staying for more than three years, I would actively negotiate terms like seller credits or rate buy-downs while looking at homes.

If there's a possibility of moving within 1-2 years, I would prefer to maintain renting. Considering closing costs and agent fees, selling after a short period can lead to losses.

You can check the exact October transaction statistics once the Columbia Board of Realtors monthly report is released. Zillow and Redfin pages are also updated around mid-month, so it would be good to compare them as well.

Numbers can vary significantly depending on the reference month and source. Regardless of which figures you look at, developing the habit of checking when the data was collected and whether it pertains to the city or county will ultimately be the most helpful.