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Bidding wars for homes drop to their lowest level in two years


Bidding wars for homes have dropped to their lowest rate in more than two years, in another sign of the cooling housing market, according to an industry report.

Nationwide, agents for brokerage Redfin faced competing offers in just 44.3 percent of their bids in July, down from 63.8 percent a year ago, according to a report from the company on Friday.

It marked the sixth straight month of decline competition rates, and the lowest share on record aside from April 2020, when the COVID-19 pandemic froze the national housing market.

Rising mortgage rates and home prices that remain at record highs have increasingly pushed prospective homebuyers out of the market – a shift that is giving buyers more power in negotiations, but making sellers fear a looming collapse in prices.

Nationwide, agents for brokerage Redfin faced competing offers in just 44.3 percent of their bids in July, down from 63.8 percent a year ago and the lowest share since April 2020

Nationwide, agents for brokerage Redfin faced competing offers in just 44.3 percent of their bids in July, down from 63.8 percent a year ago and the lowest share since April 2020

Phoenix had the lowest rate of bidding wars in July, while Raleigh's housing market remains hot, with the most competing bids

Phoenix had the lowest…



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Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

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