{"id":66419,"date":"2019-08-07T04:39:42","date_gmt":"2019-08-07T11:39:42","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=66419"},"modified":"2020-10-06T12:57:21","modified_gmt":"2020-10-06T19:57:21","slug":"july-2019-real-estate-bidding-wars","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/july-2019-real-estate-bidding-wars\/","title":{"rendered":"11% of Redfin Offers Faced Competition in July, the Lowest Rate Since at Least 2011"},"content":{"rendered":"

San Francisco, San Diego and Boston were home to the most competitive markets in July, though the bidding war rate in each metro was less than half than it was a year earlier.\u00a0<\/span><\/i>
\nOnly 11.2 percent of offers written by Redfin agents on behalf of their homebuying customers nationwide faced a bidding war in July. That\u2019s down from more than 45 percent a year earlier\u00a0 and the lowest rate since at least 2011.\u00a0<\/span>
\nThe national bidding war rate hasn\u2019t surpassed 15 percent since November 2018, after falling steadily from a peak of 59 percent in March 2018.\u00a0<\/span>
\n\u201cMortgage rates have been mostly flat for the last month, and so has homebuyer competition, which was beginning a fast descent this time last year as mortgage rates were inching toward 5 percent,\u201d said Redfin chief economist Daryl Fairweather<\/a>. \u201cOn a local level, it\u2019s noteworthy that some of 2018\u2019s fiercely competitive markets\u2014San Jose<\/a>, Seattle<\/a>, Los Angeles<\/a>\u2014have seen their bidding war rates plummet the most year over year. <\/span>Home prices in these expensive markets have also been falling annually<\/span><\/a>. Overall, I expect homebuyer demand to strengthen in the second half of the year as the housing market continues to stabilize, but we may not see a big pop in bidding wars until early next year.\u201d<\/span>
\nSan Francisco<\/a>\u2014one of the most expensive markets in the country\u2014was the most competitive in July, with 35 percent of Redfin offers facing a bidding war. That\u2019s down from 72.4 percent a year earlier and up from 28 percent in June, mirroring the seven-percentage-point increase seen from June to July of last year.\u00a0<\/span>
\n\u201cAlthough the market isn\u2019t as hot as it was last year, this spring and summer have been busy in San Francisco. That\u2019s partly because homebuyers are feeling pressure to move quickly due to the high-profile tech IPOs, whether that pressure is real or perceived,\u201d said San Francisco Redfin agent Miriam Westberg<\/a>. \u201cLow interest rates are also a factor in increased homebuyer interest since the beginning of the year. The market has definitely picked up since the winter and it seems like prices and competition are slowly heading back to mid-2018 levels.\u201d<\/span>
\n\"July
\nSan Diego<\/a> was home to the second-most competitive market in July, with 21.3 percent of Redfin offers facing competition. It\u2019s followed by Boston<\/a> (16.4%), Los Angeles (16%), Philadelphia<\/a> (14.3%) and Denver<\/a> (14%). The bidding war rate in San Jose, San Francisco\u2019s neighbor to the south, was just 13.3 percent, and in Seattle, another expensive West Coast market, the rate was only 7.8 percent.\u00a0<\/span>
\nMiami<\/a> was the least competitive market in July, with just 1.3 percent of the offers submitted by Redfin agents facing competition. Next comes Houston<\/a>, where 4.8 percent of offers faced competition, New York<\/a> (6.3%), Dallas<\/a> (6.6%) and Las Vegas<\/a> (7.3%).\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Metro area<\/b><\/td>\nShare of Redfin offers that faced competition in July 2019<\/b><\/td>\nShare of Redfin offers that faced competition in July 2018<\/b><\/td>\nShare of Redfin offers that faced competition in June 2019<\/b><\/td>\n<\/tr>\n
San Francisco, CA<\/span><\/a><\/td>\n35%<\/span><\/td>\n72.4%<\/span><\/td>\n28%<\/span><\/td>\n<\/tr>\n
San Diego, CA<\/span><\/a><\/td>\n21.3%<\/span><\/td>\n61.5%<\/span><\/td>\n19.4%<\/span><\/td>\n<\/tr>\n
Boston, MA<\/span><\/a><\/td>\n16.4%<\/span><\/td>\n63.6%<\/span><\/td>\n17.2%<\/span><\/td>\n<\/tr>\n
Los Angeles, CA<\/span><\/a><\/td>\n16%<\/span><\/td>\n64.6%<\/span><\/td>\n13.7%<\/span><\/td>\n<\/tr>\n
Philadelphia, PA<\/span><\/a><\/td>\n14.3%<\/span><\/td>\n36.7%<\/span><\/td>\n9.1%<\/span><\/td>\n<\/tr>\n
Denver, CO<\/span><\/a><\/td>\n14%<\/span><\/td>\n48.8%<\/span><\/td>\n12.3%<\/span><\/td>\n<\/tr>\n
Phoenix, AZ<\/span><\/a><\/td>\n13.6%<\/span><\/td>\n47.6%<\/span><\/td>\n10.9%<\/span><\/td>\n<\/tr>\n
San Jose, CA<\/span><\/a><\/td>\n13.3%<\/span><\/td>\n80%<\/span><\/td>\n10.5%<\/span><\/td>\n<\/tr>\n
Sacramento, CA<\/span><\/a><\/td>\n9.4%<\/span><\/td>\n39.2%<\/span><\/td>\n11.8%<\/span><\/td>\n<\/tr>\n
Washington, D.C.<\/span><\/a><\/td>\n9.1%<\/span><\/td>\n40.1%<\/span><\/td>\n9.9%<\/span><\/td>\n<\/tr>\n
Raleigh, NC<\/span><\/a><\/td>\n8.9%<\/span><\/td>\n28.6%<\/span><\/td>\n6.6%<\/span><\/td>\n<\/tr>\n
Portland, OR<\/span><\/a><\/td>\n8.7%<\/span><\/td>\n36.6%<\/span><\/td>\n11.8%<\/span><\/td>\n<\/tr>\n
Chicago, IL<\/span><\/a><\/td>\n8.1%<\/span><\/td>\n31%<\/span><\/td>\n10%<\/span><\/td>\n<\/tr>\n
Seattle, WA<\/span><\/a><\/td>\n7.8%<\/span><\/td>\n40.6%<\/span><\/td>\n11.5%<\/span><\/td>\n<\/tr>\n
Atlanta, GA<\/span><\/a><\/td>\n7.8%<\/span><\/td>\n34.7%<\/span><\/td>\n7.2%<\/span><\/td>\n<\/tr>\n
Austin, TX<\/span><\/a><\/td>\n7.8%<\/span><\/td>\n39%<\/span><\/td>\n8.7%<\/span><\/td>\n<\/tr>\n
Las Vegas, NV<\/span><\/a><\/td>\n7.3%<\/span><\/td>\n31%<\/span><\/td>\n11.5%<\/span><\/td>\n<\/tr>\n
Dallas, TX<\/span><\/a><\/td>\n6.6%<\/span><\/td>\n43%<\/span><\/td>\n5.3%<\/span><\/td>\n<\/tr>\n
New York, NY<\/span><\/a><\/td>\n6.3%<\/span><\/td>\n40.8%<\/span><\/td>\n15.1%<\/span><\/td>\n<\/tr>\n
Houston, TX<\/span><\/a><\/td>\n4.8%<\/span><\/td>\n37.5%<\/span><\/td>\n7.9%<\/span><\/td>\n<\/tr>\n
Miami, FL<\/span><\/a><\/td>\n1.3%<\/span><\/td>\n29.6%<\/span><\/td>\n0%<\/span><\/td>\n<\/tr>\n
National<\/b><\/td>\n11.2%<\/b><\/td>\n45.5%<\/b><\/td>\n12.3%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Editor’s Note: Early in 2020 we discovered an issue with the data we had been collecting on bidding wars, which caused us to underestimate the rate of bidding wars in several markets. Redfin is currently in the process of fixing these data issues. Once complete, we will provide an updated estimate of the bidding wars for 2019.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Just 11.2% of Redfin offers faced bidding wars in July, the lowest rate since at least 2011. <\/p>\n","protected":false},"author":13153,"featured_media":66425,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[23,8],"tags":[],"coauthors":[],"class_list":["post-66419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bidding-wars","category-housing-market-news"],"acf":[],"yoast_head":"\nEleven Percent of Redfin Offers Faced Competition in July<\/title>\n<meta name=\"description\" content=\"That\u2019s the lowest bidding war rate since at least 2011. 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