Still, that's higher than the 56.8% bidding-war rate Redfin saw in
The housing market has been losing steam in recent weeks following months of relentless competition and surging prices that were driven by an intensifying housing shortage and a pandemic moving spree made possible by remote work.
Buyer fatigue is likely one factor pushing down the competition rate, with some house hunters moving to the sidelines after losing bidding war after bidding war or getting priced out. An improving supply situation may also be making a difference, with new listings up 4% year over year. That means there are more properties hitting the market for buyers to bid on.
"The first half of this year was red hot—it was almost impossible to get an offer accepted. But recently, we've started to see buyers get cold feet," said
Redfin agents report that more buyers are starting to keep contingencies—a sign that competition is beginning to abate.
"It's still really competitive when there's a lower-priced home in a very-sought after area," said Redfin agent
Metros must have had at least 20 offers recorded by Redfin agents in both
To view the full report, including the bidding war rates by metro, please visit: https://www.redfin.com/news/real-estate-bidding-wars-june-2021/
Redfin (www.redfin.com) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Since launching in 2006, we've saved customers more than
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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Redfin Journalist Services, Isabelle Novak, 414-861-5861, email@example.com