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Homebuyer bidding wars hit yearly low on 2 developments
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Competition for U.S. homes is waning, with the industry facing the fewest number of bidding wars since January, according to a new report.
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In July, 60.1% of offers written by Redfin agents faced bidding wars, down from a revised rate of 66.5% in June and well below the "pandemic peak of 74.1% in April," according to a report from Redfin.
Redfin said the decrease in homebuying competition last month is because prices are finally "stabilizing" as more homes hit the market.
The increase in the U.S. housing supply is giving homebuyers more options, effectively easing competition. It may come as a relief to potential homebuyers who faced "months of fierce competition and soaring prices that were driven by an intensifying housing shortage."