Redfin: Competition for homes eases in May

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.

Source: Redfin