Bidding Wars Slow in June, as Homebuyer Fatigue Reduces Competition

Bidding Wars Slow in June, as Homebuyer Fatigue Reduces CompetitionAccording to a recent report from Redfin, housing market demand continued to cool in June, as only 65% of home offers written by the company’s agents faced competition – compared to 72.1% in May and 74.1% in April.

Obviously, there is still high demand for homes and the bidding war rate was up 56.8% year-over-year compared to June 2020. However, Redfin reported that buyer fatigue has been a factor in pushing down the competition rate over the last few months, with many potential homebuyers giving up after repeatedly losing bidding wars and/or being priced out of the market.

In addition, Redfin’s report also found that new homes hitting the market was up 4% from June 2020 and 3% from June 2019 – showing that more houses are finally starting to become available to the masses still seeking the American Dream. Of note, this was the first time new listings have surpassed 2019 levels since the beginning of the year.

For more information, including addition metrics, check out Redfin’s report.

 

Sources:
Redfin – redfin.com
DS News – dsnews.com

 

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