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Homebuyer Competition Drops for First Time in Six Months Amid Surge in Mortgage Rates, Home Prices

Posted On: May 14th, 2022 5:08PM

65% of home offers faced competition in March, down from 67% in February, as more buyers moved to the sidelines.

Sixty-five percent of home offers written by Redfin agents faced competition on a seasonally adjusted basis in March, down from a revised rate of 66.7% in February. That’s the first month-over-month decline since September—a sign that demand is starting to cool as soaring mortgage rates and housing prices prompt some buyers to back out of the market. Still, bidding wars remained more common than they were a year earlier, when 62.2% of offers encountered competition. On an unadjusted basis, March’s bidding-war rate was 69.3%, down from 71.9% in February.

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