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Surging mortgage rates and home prices are causing more buyers to back off. That means sellers are less likely to receive multiple offers—but they’ll also face less competition when they buy their next home.

Nationwide, 57.8% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in May, the lowest level since February 2021. That’s down from a revised rate of 60.9% one month earlier and a pandemic peak of 68.8% one year earlier, and marks the fourth-consecutive monthly decline. On an unadjusted basis, May’s bidding-war rate was 60.8%, down from 67.8% in April and 71.8% in May 2021.