Redfin says the homebuyer bidding war seen by its agents has dropped to the lowest rate since January. About 60% of offers written by Redfin agents faced competition in July, down from 65.5% in June.
The rate of 60% in July was a steep fall off from the pandemic high of 74.1% this April but still higher than the 57.9% year-over-year when the housing market was recovering following a shutdown caused by pandemic restrictions.
The brokerage attributed the decline to an increase in housing supply. Increased supply gives buyers more options to choose from, which helps reduce competition and stabilizes prices. But the company also says it's typical for competition to ease in the summer following the spring homebuying season.
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