In their latest report, Redfin, the Seattle-based, technology-powered real estate brokerage firm, is reporting that 59.5% of home offers written by their agents faced competition in November. This is the lowest level in 11 months, and it is down from a revised rate of 61.8% in October and the peak pandemic levels of 74.6% set in April of this year.
In remarks prepared for the release of the report, Daryl Fairweather, Redfin’s Chief Economist said the housing market remains hotter than normal due to record-low mortgage rates and an acute shortage of homes for sale. But homebuyer demand seems to be following a typical seasonal pattern by starting to slow as the year winds down.
“It’s typical for competition to ease in the winter months as more families take time off for the holidays,” Fairweather added. “While competition waned in November, it was still higher than a year earlier, which is a sign that demand will be strong in the new year.”
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Redfin Reports Homebuyer Competition Drops to Lowest Level in Nearly a Year