Competition for homes across the United States is declining to levels not seen since the early days of the coronavirus pandemicaccording to a recent report by Redfin.
In July, 44.3% of housing offers from Redfin agents faced competition nationwide, compared to 50.9% in June and 63.8% last July, according to a real estate broker.
July marked the sixth month in a row that bidding wars declined. The typical home saw 3.5 offers last month, down from 4.1 offers in June and the 5.3 deals last May, according to the data.
However, despite the fact that the bidding war has generally subsided, there are several areas where this trend was more visible and had the lowest records in the country.
This is the list of the 10 areas with the lowest percentage of bids:
July 2022: 26.6%
June 2022: 35.8%
July 2021: 53.9%
July 2022: 31%
June 2022: 33.2%
July 2021: 64.3%
July 2022: 31.5%
June 2022: 42.2%
July 2021: 60.1%
July 2022: 31.7%
June 2022: 45.9%
July 2021: 62.1%
July 2022: 33.3%
June 2022: 50%
July 2021: 73.1%
July 2022: 34.3%
June 2022: 54.4%
July 2021: 73.3%
July 2022: 34.6%
June 2022: 50%
July 2021: 71%
July 2022: 35.7%
June 2022: 46.9%
July 2021: 67.3%
July 2022: 35.7%
June 2022: 31.3%
July 2021: 66.1%
July 2022: 36.8%
June 2022: 55.9%
July 2021: 71.2%
The reasons for the decrease in this “housing war” is, among others, that an increasing number of potential buyers are being excluded from the market due to uncomfortably high inflation and mortgage rates.
According to mortgage comparison firm Freddie Mac, 30-year fixed mortgage rate averaged 5.22% as of Thursday. That’s more than last week, when it averaged 4.99%. A year ago, the 30-year fixed mortgage rate averaged 2.87%.
Properties are on the market longer and the housing shortage is decreasinggiving buyers who haven’t withdrawn from the market more options and room to negotiate, according to Redfin.
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Source: La Opinion
