A highly competitive U.S. housing market started to show signs of easing slightly in September, particularly in parts of the Southeast, according to data released Tuesday.
There was a slight decline in bidding wars last month, with the percentage of offers vying with a competing bid standing at around 56%, down from 59% in August, according to the report from real estate firm Redfin. It’s still an unseasonably high level of competition for the market, which has been tipped in sellers’ favor since coronavirus lockdowns began easing in early summer.
The market may be headed for a slower period over the holiday months, but “homebuyers are still sweating as they navigate what remains an unseasonably hot seller’s market,” said Daryl Fairweather, chief economist at Redfin said.
Competition has begun to ebb, for example, across some Southeast metro areas, where the percentage of homes facing bidding wars halved from August to September.
Brian Walsh, an agent with Redfin working in the Tampa, Florida, area, said that bidding wars were ubiquitous until a sudden shift took place last month. Buyers are now chafing at sellers “pie-in-the-sky, aspirational pricing,” Mr. Walsh said.
“It’s getting to the point where you’ll see a seller demand $50,000 over what they paid a year ago—and the only thing they’ve done to