The heated bidding wars among would-be homeowners are cooling — but the housing market is still hot, according to new data from real estate firm Redfin.
That’s because 59.5% of all offers to buy a home in November faced competition, defined as at least one competing bid. That’s the lowest level in 11 months, according to data published Dec. 17, 2021. That’s down from 61.8% of offers in October and from a Covid-19 pandemic peak of 74.6% in April.
It is, however, up slightly from the 57.3% seen in November 2020, according to Redfin, which began tracking competition data in April 2020, when 45.1% of home offers faced competition.