Home-Buying Competition Continues to Wane as Market Rebalances

For the fifth month in a row, competition among buyers for homes declined in August, further assurance that we are shifting away from the seller’s market that dominated the first half of the year toward one that is more balanced. Still, tight inventory conditions mean that across Redfin’s 22 markets, most customers making offers at the end of the summer faced competing bids. In August, 60.5 percent of offers written by Redfin agents across the country faced bidding wars, a drop from 63.3 percent in July and from 63.5 percent in August 2012. This was the first year-over-year drop in competition seen since Redfin began collecting this data in 2011.

2013-08 Bidding War Chart

 

For the full report including data tables and charts, visit Real-Time Bidding Wars in Redfin’s Research Center.

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