Consumer News: Columbia rent continues climb in December, Fed signaling interest rate hike and more

Consumer News with ABC Columbia is brought to you by Grow Financial.

CNN– The red hot housing market might finally be starting to cool off. Home prices rose 18.8% year-over-year in November, which is actually down from the 19.1% increase in October. Despite the slowing gains, November’s increase was still the sixth highest in 34 years. Prices in 19 cities saw all times high, but no cities in South or North Carolina made that list.

COLUMBIA, SC (WOLO)– Rent in Columbia increased another 1.8% in December. Columbia’s current rent index is 18.1%, compared to 7.3% this time last year. Columbia’s rent is currently up by 24.2% since the start of the pandemic in March 2020.

ABC NEWS– The Federal Reserve is signaling it will raise interest rates in the coming months as it tries to fight high inflation. The central bank’s decision to pursue a more aggressive policy will have ripple effects on the stock market and Americans’ wallets. ABC’s Elizabeth Schulze has the details.

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