Bidding wars have hit a 10-year low, declining by 39% in October, compared to a year ago, according to the brokerage Redfin. In October, only 10% of the offers written by Redfin agents experienced a bidding war.
Daryl Fairweather, the chief economist at Redfin, noted that despite shrinking inventories and rising prices, “There are still homes on the market where sellers are willing to accept offers below list price…”