SEATTLE and SAN FRANCISCO-Redfin says competition for homes dropped a bit in August compared to July, and compared to August 2012. Meanwhile National home value appreciation continued to climb in August, according to Zillow.
Redfin, the technology-powered real estate brokerage, recently released its August 2013 Real-Time Bidding War Report based on Offer Insights, statistics compiled from thousands of offers written each month by Redfin agents for their home-buying clients. In August, 60.5% of offers Redfin agents wrote faced bidding wars, down from 63.3% in July and from 63.5% in August 2012.
This was the fifth month in a row that Redfin reported a month-over-month drop in competition but was the first year-over-year drop in competition seen since the brokerage began collecting this data in 2011.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
