Redfin: Real estate bidding wars continue to hover at 10-year low

As the year approaches an end, a report from Redfin indicates America’s real estate bidding wars are easing as several factors including tightening supply continue to depress competition. According to the company, 10% of purchasing offers made on its site faced a bidding war during the month. Not only is this percentage down from last year’s rate of 29%, but it also marks the fifth consecutive month the rate has hovered at a 10-year-low. Even though the number of homes for sale has been falling faster than we normally see this time of year, Daryl Fairweather, Redfin’s chief economist, said buyers just aren’t feeling a sense of urgency right now.