Redfin analysis: In Aug., about 59% of offers on homes written by Redfin agents faced competition, a record low for this year and the lowest level since 2020.
SEATTLE – Competition for homes on the market is lessening, which could provide an opening for home buyers who have been losing out amid this year’s bidding wars.
In August, about 59% of offers on homes written by Redfin agents faced competition, which is a record low for this year and the lowest level since 2020, according to a Redfin analysis. That’s down from a peak of 74% in April.
There have been additional recent signs that the housing market is cooling somewhat: Contract signings in July have dropped, mortgage applications for home purchases – a gauge for future homebuying – have been easing and more sellers are making price adjustments.
Still, sellers continue to have the upper hand. The number of