Phoenix house prices jump in August, but September looks soft<\/a><\/strong>\r\n <\/div>\nThe Phoenix metro was slightly more competitive than Olympia and Tampa, where 24.2% and 23.8% of offers, respectively, experienced buyer competition. Redfin noted that Tampa, Olympia, and Phoenix are among the 20 U.S. housing markets that are cooling the fastest in 2022, a change of pace after attracting hordes of buyers over the course of the pandemic.<\/p>\n
San Antionio had the lowest bidding war rate nationwide in August 2022 at 21.7%, an approximately 50% drop from the 43.4% bidding war rate recorded for the metro during the previous month.<\/p>\n
At the top of the list, buyers in Philadelphia were the most likely to fall into a bidding war, with 61.7% of Redfin offers facing competition in August 2022. This percentage has remained mostly unchanged over time, with 63.1% of Philadelphia offers reporting a bidding feud in July 2022 and 60.2% in August 2021.<\/p>\n
Bidding war rate falls to lowest level since April 2020<\/h3>\n
Although some metros are still reporting a high bidding war rate, the good news for buyers is that the frequency of offer competition is falling overall.<\/p>\n
Redfin reported that 44.6% of purchase offers written by Redfin agents nationwide experienced competition in August. This percentage marks the lowest bidding-war rate since the beginning of the pandemic in April 2020. The national bidding war rate fell from 63.5% in August 2021 and is down from 47.2% in July 2022, signaling the seventh-straight monthly decline.<\/p>\n
In August, a typical home in a bidding war received 3.2 offers, down from 3.5 offers one month earlier and five offers In August 2021.<\/p>\n
\u201cThe bidding-war rate is falling as the housing market cools and buyers back off from the pandemic-driven homebuying frenzy in 2021 and early 2022, with the number of home sales down nearly 20% year over year,\u201d explained the Redfin report. \u201cBuyers are dropping out of the market and competition is dwindling largely because mortgage rates have doubled from a year ago, reaching 6% in mid-September.\u201d<\/p>\n
Comparing all home types, townhouses were more likely than other properties to encounter offer competition with a bidding war rate of 44.1%. This was followed by single-family homes (42.1%), multi-family properties (40.2%) and condos (37%).<\/p>\n
\u201cTownhouses are popular in today\u2019s pricey housing market because they\u2019re typically smaller and more affordable than single-family homes,\u201d said the report.<\/p>\n
![\"See](\"https:\/\/www.livabl.com\/articles\/wp-content\/themes\/livabl\/images\/see-also-cta-icon.svg\"\/){kind=icon}
\r\n