Homebuyers Get a Break as Bidding Wars Fall to Lowest Since 2011
(Bloomberg) -- The era of bidding wars may be winding down in some of the most-competitive U.S. housing markets.
In November, 32 percent of home-purchase offers with a Redfin agent involved had multiple bidders, the lowest share since the brokerage began tracking such deals in January 2011. A year earlier, 45 percent of offers had at least one competitor, Seattle-based Redfin said in a report released Wednesday.
Some of the hottest property markets are cooling the fastest as higher mortgage rates add to affordability concerns after years of rapid price gains. In the Seattle metro area, the share of offers with multiple bids fell to 25 percent in November from 58 percent a year earlier, Redfin said. For Los Angeles, the rate dropped to 38 percent from 68 percent. In Raleigh, North Carolina, the share was 20 percent, down from 40 percent.
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