Bidding Wars For Homes Fall To 15-Month Low
Summary
Nationwide, 57.8% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in May, the lowest level since February 2021, the technology-powered real estate brokerage said. Homebuyer competition is cooling because rising mortgage rates and surging home prices have made buying less feasible for many Americans, the company said. It ended up going under contract for $12,000 above the list price with an inspection, whereas three months ago, the buyer probably would have paid $60,000 over asking and waived the inspection.” In Providence, R.I., 45.3% of home offers written by Redfin agents faced competition in May, down from 82.7% a year earlier. In Las Vegas, 74.5% of home offers written by Redfin agents faced competition in May, up from 65.4% in May 2021 (+9.1 ppts). Townhouses were more likely than any other property type to encounter competition, with 64.6% of Redfin offers facing bidding wars in May.