Home sellers didn’t stand as much chance of enjoying a bidding war for their properties last month. So reports MarketWatch.
Only 10.4% of Redfin customers’ offers led to a bidding war in August, according to data from the real estate brokerage. That’s down one percentage point from July.
It’s also the lowest rate that Redfin has measured since 2011, and a sharp drop from 42% a year earlier. Redfin chief economist Daryl Fairweather blamed the decline on recession fears.