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Bidding Wars Are Fading in US Homebuying With Market Cooling Off

Redfin says the number of homes seeing multiple offers has declined for six straight months as higher mortgage rates keep some buyers on the sidelines.

A "Now Selling" sign outside the Glendale Lakes community home development in Arcola, Texas, US.

A "Now Selling" sign outside the Glendale Lakes community home development in Arcola, Texas, US.

Photographer: Mark Felix/Bloomberg

The bidding wars that defined the pandemic housing market are easing.

In another sign that the US real estate market is cooling, there was competition for just 44% of homes in July, the sixth straight monthly decline and a steep drop from the beginning of the year, when 70% of offers written by Redfin agents faced competition, the real estate company said in a report Friday. It was also the lowest percentage since April 2020.