Jonathan J Miller, Columnist

The Bidding Wars Are Back

A shortage of homes for sale is leading to a rise in bidding wars among buyers.

March 19, 2015 at 12:00 PM UTC

Jonathan Miller writes about the housing economy and other aspects of real estate. He began a real estate blog, the Matrix, in 2005, and has written a column for Curbed.com. He is co-founder of Miller Samuel, a residential real estate appraisal company, and the commercial valuation firm Miller Cicero.

More listings, please.
Photographer: Mike Kane/Bloomberg

Provide news feedback or report an error

Site feedback:

Take our Survey

This article is for subscribers only.

A relic from the days of the housing boom is making a comeback. The share of sales that feature bidding wars is up. According to the National Association of Realtors, 33 percent of all sales were at or above the asking price, a strong indication that more than one bidder was involved in a transaction. That rate is the highest since 2006.

A big reason for the return of the bidding wars is the lack of housing for sale. From a peak of more than 3.5 million properties offered in 2007, the supply has been cut almost in half. The inventory of housing on the market has been stuck at about 1.8 million properties for the past three years.