Nearly 55% of Redfin offers for homes faced bidding wars in August. Competition is still fierce in coastal California, and the market is also hot in more affordable places like Sacramento and Phoenix.
Nationwide, 54.5% of Redfin offers on homes faced competition in August. Though that’s down from a revised rate of 57.3% in July, it’s the fourth month in a row that more than half of Redfin offers encountered bidding wars.
An offer is considered part of a bidding war if a Redfin agent reported it received at least one competing bid.
The housing market continues to be a