Bidding wars for homes decline across United States

Redfin data indicates easing of hot housing market

National /
Jul.July 14, 2021 12:54 PM
Bidding wars for homes decline across United States

(iStock)

Home buyers can take a breath. Maybe not a deep one, but a breath: Bidding wars on properties across the United States are declining, the latest sign of an easing housing market.

A new report from Redfin suggests that buyers faced less competition last month. The brokerage said that 65 percent of offers through Redfin faced bidding wars in June, down from 72.1 percent in May, according to Mansion Global. That’s a nearly 10 percent drop in the rate.

Redfin’s bidding-war rate peaked at 74.1 percent in April as a paucity of homes for sale and high demand spurred by pandemic forces sent buyers into a frenzy.

Nevertheless, the bidding war rate has remained stubbornly above 50 percent since the onset of the pandemic. In September and October it was about 57 percent before rising over the winter and spring.

The market nationally appears to be cooling a bit for buyers. There are still local pockets where bidding wars are as common as ever, though.

No city was more competitive last month than Sarasota, Florida, where 87 percent of offers through Redfin faced bidding wars. Competing bids were also common in Charleston, South Carolina (82.9 percent), and Reno, Nevada (80.0 percent).

[Mansion Global] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    Ulster County, NY (iStock)
    Ulster County home prices spiked 20 percent last year
    Ulster County home prices spiked 20 percent last year
    Ben Hakimian, founder, Hakimian Organization; 244 West 49th Street (Google Maps, KSU)
    Hakimian changes Midtown hotel plans to residential
    Hakimian changes Midtown hotel plans to residential
    53 Downing Street (Compass)
    Gut-renovated West Village townhouse tops Manhattan’s priciest contracts
    Gut-renovated West Village townhouse tops Manhattan’s priciest contracts
    East Hampton Town Supervisor Peter Van Scoyoc and 395 Pantigo Road in East Hampton (EHamptonNY.gov, Zillow, iStock)
    East Hampton Town officials vow affordable housing action
    East Hampton Town officials vow affordable housing action
    Barstool Sports founder Dave Portnoy (Getty)
    Barstool Sports’ Dave Portnoy bought a Hamptons beach house
    Barstool Sports’ Dave Portnoy bought a Hamptons beach house
    $1B in Rent Reduction Available to Select Blackstone Tenants (Blackstone)
    Blackstone to spend $1B in affordable single-family rental expansion
    Blackstone to spend $1B in affordable single-family rental expansion
    Keller Williams' Lauren Balbuena and Compass CEO Robert Reffkin (Keller Williams, Getty/Illustration by The Real Deal)
    Keller Williams NYC’s agent count bounced back while Compass’ growth slowed
    Keller Williams NYC’s agent count bounced back while Compass’ growth slowed
    422 E. 84th Street (Google)
    Uptown chiropractor, diamond dealer battle over $349K in rent on UES
    Uptown chiropractor, diamond dealer battle over $349K in rent on UES
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...