Redfin found that 58.8% of the offers on homes faced competition in August. That’s down from 62.1% the month prior and a peak of 74.3% reached back in April. It represents the lowest level of competition for homes since December.
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 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.
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