September 16, 2021
Real Estate

‘A lot of buyers have had enough’: Bidding wars for homes falls to lowest level since 2020

The frequency of bidding wars on homes has dropped to the lowest level this year — the latest sign that the housing market may be cooling and reverting back to its usual seasonal patterns.

A new report from Redfin
RDFN,
+2.39%

found that 58.8% of the offers on homes written by the company’s real-estate agents faced competition in August. That’s down from 62.1% the month prior and a peak of 74.3% reached back in April. Redfin defines a bidding war as any situation where there are at least two competing bids on a home.

It represents the lowest level of competition for homes since December, when the bidding war rate was only 53.7%. Notably, August 2021’s figure is slightly below the level posted a year earlier, a sign that the market may be reverting to its standard seasonality.

The peak home-buying season typically…

Read full article here: www.marketwatch.com