The lack of housing supply is partly responsible for surprisingly high competition rates.
Nationwide, 41.1% of Redfin offers faced competition in the four weeks ending on May 10. In a handful of metros, the bidding war rate was above 60%.
The coronavirus pandemic is contributing to a shortage in the number of homes for sale across the U.S. as would-be sellers hold off on listing their homes amid ongoing uncertainty. The lack of inventory has led to a significant amount of bidding wars, particularly for single-family homes priced under $1 million in desirable areas.
Even before the novel coronavirus took