More than 50% of home sales see bidding wars: Redfin
Low inventory and high demand keep the bidding wars going
The bidding wars rage on.
In October, Redfin agents handled a bidding war in 56.8 percent of home sales, according to Mansion Global.
Although that’s below September’s 57.4 percent, it’s the sixth consecutive month in which the bidding-war rate exceeded 50 percent, according to Redfin’s data.
Some areas saw more competition than others. In Salt Lake City, that rate was as high as 75 percent, while San Diego saw a rate of 73.2 percent.
But in New York, 45.3 percent of home sales received more than one offer.
And in Las Vegas, the least competitive housing market, just 38.2 percent of home offers encountered competition. That was followed by Miami and Chicago, with 38.5 percent and 41.1 percent, respectively.
“The condo market has seen relatively slow growth as remote work, the desire for privacy and record-low mortgage rates have made single-family homes more desirable during the coronavirus pandemic,” the report said.
For both newly built and existing homes, prices have continued to climb as inventory levels remain at unprecedented low levels.
[Mansion Global] — Sasha Jones