Multiple bids on homes have become the norm in many markets and May was no exception. But the largest monthly inventory increase in three years pulled the share of for-sale homes that received competing offers down to 69.5 percent last month from 73.3 percent in April, according to a report from online real estate brokerage Redfin.
San Francisco, Los Angeles, Orange County and San Diego — all in California — had the highest share of offers with competing bids.
Among winning offers in May, 49 percent were above the asking price. The four most common elements of a winning offer were a conventional loan (68.3 percent), a personal cover letter (29.4 percent), a waived inspection contingency (11 percent), and a waived financing contingency (8.9 percent), Redfin said.