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Homebuying competition falls to lowest level in 2 years

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Competition for U.S. homes is easing as potential buyers get priced out of the market due to high mortgage rates coupled with inflation, according to a new Redfin report.

Properties are sitting on the market longer and the housing shortage is easing, which is offering buyers who haven't backed out of the market more options and room to negotiate, according to Redfin.

Riverside, California, wasn't far behind with 31% of home offers facing competition. Seattle had 31.5% of home offers facing competition while Austin, Texas, and Nashville, Tennessee, had 31.7% and 33.3% home offers facing competition, respectively. Meanwhile, Raleigh, North Carolina had the highest bidding-war rate with 63.8% of homes facing competition.

 

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More people are looking to move to cities in search of cheaper housing, Redfin saysHome prices and mortgage rates have gone up so much that people are now increasingly looking to move to more affordable areas, according to a new report from the real-estate brokerage site Redfin.
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