Competition for homes for sale fell for the fourth straight month in July in the 23 major markets served by Seattle-based real estate brokerage Redfin.
The share of offers written by Redfin agents that faced multiple bids fell to 63.3 percent in July, down from 68.6 percent in June and 75.7 percent at the peak in March, Redfin said.
The decline signals a transition from a hot seller’s market to a more balanced market, the brokerage said, attributing the reduced competition to buyer fatigue; rising prices and mortgage interest rates pricing buyers out of the market; growing inventory; and buyer distraction due to summer vacation.
Redfin anticipates bidding wars will continue to cool slightly in the fall.
Source: Redfin
