The rate of homes facing bidding wars fell to a low not seen since the start of the year, according to Redfin’s latest monthly report…(Redfin)
- 58.9% of home offers written by Redfin agents faced competition in September, a drop from 60.8% in August.
- Bidding wars started the year at 56% and contained to climb before reaching a high of 74.3% in April.
NOTE: Bidding wars have not been under 60% since February.
Six metro areas, despite a nationwide cool down, are still seeing over 70% of their listings involved in bidding wars. Even though Raleigh, NC fell six percentage points from August, it was still able to hold the top spot with 73.9% of listings facing bidding wars…
- Boston, MA was number two at 71.7% followed by Indianapolis (71.4%), Sacramento (70.5%), San Diego (70.3%), and Tucson (70%)
Taylor Marr, Redfin Deputy Chief Economist, said this is a typical seasonal slow down that coincides with rising rates…
- “It’s typical to see a decline in competition as families head back to school and the weather cools down…Buyers also aren’t having to offer as much above the asking price as they were in the spring, when competition in the housing market was peaking. As mortgage rates continue to rise, we can expect bidding wars to keep slowing.”