{"id":3258,"date":"2022-06-17T16:02:02","date_gmt":"2022-06-17T16:02:02","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2022\/06\/17\/homebuyer-competition-drops-for-fourth-consecutive-month\/"},"modified":"2025-03-13T02:44:08","modified_gmt":"2025-03-13T02:44:08","slug":"homebuyer-competition-drops-for-fourth-consecutive-month","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2022\/06\/17\/homebuyer-competition-drops-for-fourth-consecutive-month\/","title":{"rendered":"Homebuyer competition drops for fourth consecutive month"},"content":{"rendered":"\n<p>Homebuyer competition dropped in May for the fourth consecutive month, according to a <a href=\"https:\/\/www.redfin.com\/news\/real-estate-bidding-wars-may-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">report<\/a> from <strong>Redfin <\/strong>published Friday.<\/p>\n\n\n\n<p>The report found, nationwide, 57.8% of offers written by Redfin agents in the 36 metropolitan areas analyzed faced at least one competing bid, down from 60.9% in April and a pandemic peak of 68.8%, recorded a year prior.<\/p>\n\n\n\n<p>In May, the typical home in a bidding war received 5.3 offers, down from 6.8 offers in April and 7.4 offers in May 2021.<\/p>\n\n\n\n<p>\u201cHomes are now getting one to three offers, compared with five to 10 two months ago and as many as 25 to 30 six months ago,\u201d said Jennifer Bowers, a Redfin real estate agent in Nashville, according to a news release. \u201cOffers also aren\u2019t coming in as high above the list price as before. I recently listed a three-bedroom, three-bathroom home in a super cute neighborhood for $399,900. It ended up going under contract for $12,000 above the list price with an inspection, whereas three months ago, the buyer probably would have paid $60,000 over asking and waived the inspection.\u201d<\/p>\n\n\n\n<p>Experts attribute the <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/oh-no-look-at-this-agents-react-to-a-housing-market-slowdown\/\" target=\"_blank\" rel=\"noreferrer noopener\">slowdown<\/a> to <a href=\"https:\/\/preprod.realtrends.com\/blog\/articles\/housing-market-will-slow-further-after-feds-rate-hike\/\" target=\"_blank\" rel=\"noreferrer noopener\">rising mortgage rates<\/a>, which rose <a href=\"https:\/\/preprod.housingwire.com\/articles\/rates-jump-to-5-78-largest-1-week-increase-since-1987\/\" target=\"_blank\" rel=\"noreferrer noopener\">75 basis points<\/a> this week, the largest one week increase since 1987, and continually <a href=\"https:\/\/preprod.housingwire.com\/articles\/are-home-prices-about-to-fall\/\" target=\"_blank\" rel=\"noreferrer noopener\">surging home prices<\/a>. The typical monthly mortgage payment is now $2,514, up 49% from a year prior when mortgage rates were between 2 to 3%. Redfin expects the bidding war rate to fall below 50% by the end of the year.<\/p>\n\n\n\n<p>However, homebuyer competition increased on a year-over-year basis in three of the 36 metro areas analyzed: Las Vegas (up 9.1 percentage points to 74.5%), Worcester, Massachusetts (up 4.5 percentage points to 81.8%) and Miami (up 1.1 percentage points to 63.2%).<\/p>\n\n\n\n<p>The largest annual decline in bidding war rates was recorded in Providence, Rhode Island, which fell from 82.7% in May 2021 to 45.3% in May 2022. Riverside, California\u2019s bidding war rate dropped the second most falling from 73.7% in May 2021 to 41% this year, followed by Raleigh, North Carolina, which dropped from 82.9% to 52.2%. In addition to seeing the largest annual decline in competition, homebuyers in Riverside and Providence also had the lowest overall bidding-war rates. Olympia, Washington (47.2%), Honolulu (47.8%), and Minneapolis (48.7%) rounded out the bottom five.<\/p>\n\n\n\n<p>On the other end of the spectrum, Worcester, Massachusetts (81.8%), Las Vegas (74.5%), Boston (72.6%), Dallas (72.3%) and Philadelphia (69.3%) had the highest bidding war rates among the metro areas analyzed.<\/p>\n\n\n\n<p>Another sign of a slowing housing market is the increase in number of homes undergoing <a href=\"https:\/\/investors.redfin.com\/news-events\/press-releases\/detail\/741\/redfin-reports-share-of-homes-with-price-drops-reaches-a\" target=\"_blank\" rel=\"noreferrer noopener\">price drops<\/a>. During the four-week period ending June 12, on average, 5.6% of homes for sale each week had a price drop, for a total of 22.4% of homes listed undergoing a price drop during the four-week period. It&#8217;s the highest level recorded since 2015 when Redfin started keeping track.<\/p>\n\n\n\n<p>\u201cThe housing market isn\u2019t crashing, but it is experiencing a hangover as it comes down from an unsustainable high,\u201d said Taylor Marr, Redfin\u2019s deputy chief economist, in a statement. \u201cHousing demand has already cooled significantly to the point that the industry has begun <a href=\"https:\/\/preprod.housingwire.com\/articles\/compass-and-redfin-make-cuts-amid-volatile-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">facing layoffs<\/a>. This week\u2019s rate hikes will further stretch homebuyers\u2019 budgets to the point that many more may be priced out. While a lot of home sellers are already dropping their prices, more homeowners will likely decide to stay put now that the mortgage rate on a new home is significantly higher than their current one.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A signs of slowing market conditions, the bidding war rate is dropping and price drops are increasing, according to a recent Redfin study.<\/p>\n","protected":false},"author":34740,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[1760],"class_list":["post-3258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Homebuyer competition drops for fourth consecutive month - 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