60% of offers written by Redfin agents faced competition in July, down from 67% in June. Competition is still more intense than it was a year ago.
In July, 60.1% of home offers written by Redfin agents faced competition, down from a revised rate of 66.5% in June and a pandemic peak of 74.1% in April. While July’s bidding-war rate was the lowest since January, it was still higher than the 57.9% bidding-war rate we saw in July 2020, when the housing market was recovering following a shutdown caused by pandemic restrictions.
An offer is considered part of a bidding war if a Redfin agent reported that it faced at least one competing bid. This data is subject to revision.
Homebuying conditions have been improving this summer following months of fierce competition and soaring prices that were driven by an intensifying housing shortage, a pandemic moving spree made possible by remote work and historically low mortgage rates. Home prices are stabilizing amid an increase in housing supply. Increased supply gives buyers more options to choose from, which helps reduce competition.
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