Homebuyer Competition Falls for Second-Straight Month, Hitting Lowest Level in Over a Year

Source: Redfin — 

61% of home offers faced bidding wars in April—down from 63% a month earlier and 67% a year earlier—as surging mortgage rates prompted buyers to drop out. Riverside, CA and Atlanta saw the biggest annual declines.

Nationwide, 60.7% of home offers written by Redfin agents encountered competition on a seasonally adjusted basis in April, the lowest level since March 2021. That’s down from a revised rate of 63.4% a month earlier and 67.4% a year earlier, and marks the second-consecutive monthly decline. On an unadjusted basis, April’s bidding-war rate was 66.6%, compared with 70.5% in March and 73.1% in April 2021.