More good news for buyers: bidding wars are down to their lowest level since the start of the Pandemic in the U.S.
According to new data out from Redfin, just just 44.6 percent of home offers written by Redfin agents faced competition in August. That’s down from 47.2 percent in July and 63.5 percent annually.
August marks the seventh-straight monthly decline.
The typical home in a bidding war received 3.2 offers in August, compared with 3.5 one month earlier. One year ago, the typical home received five offers.
San Antonio, Tampa and Phoenix were among the largest metros with the lowest bidding-war rates. Philadelphia had the highest bidding-war rate followed by San Jose, Providence, Boston and Detroit.