The number of buyers competing for a home has declined as a nation again, according to a study, but bidding wars are still extremely high in metro cities of Southern California.
Redfin compiled statistics in June that showed that nationally, houses with multiple offers receded to 68.6%, down from 69.5% in May and down from its peak of 75.7% in March. Higher interest rates and increased inventory are said to be the cause of less competition, the report said.
Specifically, bidding wars fell most in cities like Baltimore, Maryland and Washington DC, where they dropped by 11.2 and 6.8 points, respectively.
However, bidding continues to be hot in San Diego, Orange County and Boston, rising more than 4 percentage points. In metro cities in California, approximately 90% of properties have multiple offers.