According to data from Redfin, the Seattle based real estate brokerage, more than half of the offers for homes on their website were part of a bidding war for the second month in a row in June. In a written statement Redfin Economist Taylor Marr said, “Bidding wars continue to be fueled by historically low mortgage rates and fewer homes up for sale than almost any time in the last two decades.” Single-family homes were most likely to be in a bidding war in June, with 56.2% of buyers facing competition. Supply in this segment is down -25% year over year, noted Redfin.
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More Than Half of Redfin Offers Faced Bidding Wars for Second Consecutive Month in June