Not since May 2020 has competition been this weak for home buying, according to a new report from real estate brokerage Redfin.

Less than half of home offers written by Redfin agents faced competition on a seasonally adjusted basis in June. The 49.9% rate marked the first time that metric fell under 50% since May 2020 when COVID-19 brought the home market to a near standstill.

It also marked the fifth month in a row that percentage had fallen. It was 65% one year earlier and 57.3% in May.

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