Strong demand and record-low supply are starting to ease and mortgage rates are coming down off their recent highs.
According to Redfin, new listings of homes jumped 4 percent in the four-week period ending July 4th. The number of active listings is still down 32 percent from a year ago, but that’s actually the smallest annual drop since early February.
“It’s still really competitive when there’s a lower-priced home in a very sought-after area,” said Redfin agent Kristi Miller of Seattle, which also had a high bidding-war rate, at 71.2 percent. “But bidding wars are starting to slow for mid- and higher-priced homes.”
Last week, rates fell again with no imminent fear of another spike.
To view the full report, including the bidding war rates by metro, click here.