'The bargaining power that sellers had earlier this year is gone'

Competition among buyers dropped for the sixth consecutive month in September, according to Redfin’s latest Bidding War Report.

The report found that offers on homes written by Redfin agents that faced competition dropped to 58.3 percent in September, down from 60.5 percent in August.

In March, the indicator peaked at 76 percent.

“With sellers receiving fewer offers, there are less ‘backups’ in case a deal falls through,” said Marshall Park, Redfin’s Washington, D.C., market manager, in a statement. “The bargaining power that sellers had earlier this year is gone.”

September’s reading also marked the second straight month that competition was softer compared to the year before.

The top nine markets that were the most competitive in September were: San Francisco (77.3 percent); Orange County (72.2 percent); Los Angeles (72.2 percent); Boston (70.1 percent); Seattle (57 percent); San Diego (56.1 percent); Washington, D.C. (47 percent); Chicago (42.7 percent); and Baltimore (34.5 percent).

Source: Redfin