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Source: MPA — 

While the housing market remains hotter than ever before, homebuyer competition hit its lowest level in almost a year, according to a Redfin report.

The report showed that the bidding-war rate dropped from the revised rate of 61.8% in October to 59.5% in November. That’s down from the pandemic peak of 74.6% in April, but up slightly from 57.3% in November 2020.

Redfin chief economist Daryl Fairweather noted that it is typical for the hot housing market to cool down in the winter months as more families take time off for the holidays.