According to Redfin, competition among buyers for homes declined in August, solidifying that the market is shifting away from the seller’s market that led the first half of the year.
Still, tight inventory conditions mean that across Redfin’s 22 markets, most customers making offers at the end of the summer faced competing bids. In August, 60.5% of offers written by Redfin agents across the country faced bidding wars, a drop from 63.3% in July and from 63.5% in August 2012. This was the first year-over-year drop in competition seen since Redfin began collecting this data in 2011.
