Redfin reports homebuyer auction war rate drops to 2021 low in September


59% of housing offers faced competition in September, the lowest level in nine months, amid a seasonal slowdown in the housing market and rising mortgage rates

Posted: October 22, 2021 at 8:00 a.m. EDT|Update: 3 hours ago

SEATTLE, 22 October 2021 / PRNewswire / – (NASDAQ: RDFN) – In September, 58.9% of housing listings written by Redfin agents were in competition, a record for 2021, according to a new report by Redfin (www.redfin.com), technology-based real estate brokerage. That’s down from a revised rate of 60.8% in August and a peak of 74.3% in April. September marked the fifth consecutive month of decline, putting the auction war rate at the same level as the previous year (58.3%).

Redfin logo (PRNewsfoto / Redfin)

The housing market has cooled due to a typical seasonal downturn, which has helped dampen competition, but homes are still selling faster than usual for this time of year. This demand is largely fueled by a persistent shortage of homes for sale. New listings fell 9% year-on-year in September and the typical home sold was under contract in 18 days, more than a week less than a year earlier.

“It’s typical to see a drop in competition as families return to school and the weather gets colder,” said Redfin’s deputy chief economist. Taylor marr. “Buyers also don’t have to offer as much above asking price as they did in the spring, when competition in the housing market was at its peak. As mortgage rates continue to rise, we can expect that the bidding wars continue to slow down. “

Raleigh and Boston have the highest auction war rates

Raleigh, North Carolina had the highest bidding war rate of the 45 U.S. metropolitan areas in this analysis, with 73.9% of bids written by Redfin agents facing competition in September. Then came Boston at 71.7% and Indianapolis at 71.4%. Sacramento, California, and San Diego completed the top five, with bidding war rates of 70.5% and 70.3%, respectively.

“Fall in Jacksonville is historically a slow period as fewer people are looking to relocate, ”said Heather kruayai, a Redfin agent in Jacksonville, Florida, where the auction war rate fell to 50% in September from 71.4% in August. “Even though there aren’t as many bidding wars, the listings still sell out quickly, so it’s busier than in previous years. In the spring and summer, I was getting listings that would get 30 bids in. 24 hours after their arrival on the market and people offering as much as $ 70,000 on the asking price. It’s not as common now. “

To read the full report, including Metro Auctions methodology and war rates, please visit: https://www.redfin.com/news/real-estate-bidding-wars-september-2021

About Redfin

Redfin (www.redfin.com) is a technology-driven real estate company. We help people find housing through brokerage, Instant Home Buyers (iBuying), rentals, loans, title insurance and renovations. We sell houses for more money and charge half the cost. We also manage the first real estate brokerage site in the country. Our homebuying clients see homes with on-demand tours first, and our loan and title services help them close quickly. Customers selling a home can receive an instant cash offer from Redfin or have our home improvement team fix their home to sell it for the best price. Our rental business enables millions of people across the country to find apartments and houses for rent. Since our launch in 2006, we have saved more than $ 1 billion in committee. We serve over 100 markets across the United States and Canada and employs over 6,000 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn more about housing market trends and download data, visit Redfin Data Center. To be added to Redfin’s press release mailing list, send an email [email protected]. To consult the Redfin press center, Click here.

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SOURCE Redfin

The above press release has been provided courtesy of PRNewswire. The views, opinions and statements contained in the press release are not endorsed by Gray Media Group and do not necessarily state or reflect those of Gray Media Group, Inc.

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