54% of Redfin offers faced bidding wars last month amid record-low mortgage rates and an acute shortage of homes for sale. Salt Lake City was the most competitive market, with 75% of offers encountering competition.
More than half of Redfin home offers faced competition in July for the third month in a row. Nationwide, 54% of Redfin offers encountered bidding wars last month, down slightly from June’s revised rate of 56%.
An offer is considered part of a bidding war if a Redfin agent reported that it received at least one competing bid.
Even as the coronavirus pandemic continues to