Although the percentage of offers written by Redfin agents facing competing bids from home buyers increased just a percent in September, a CNBC analysis contends bidding wars are creeping back into the housing market.
Cooler weather historically means a cooling off period in the housing market, but that is not the case this fall. After dropping to the lowest level in eight years, bidding wars are creeping back.
In September, 11% of offers written by Redfin, a national real estate brokerage, faced a bidding war. That is down dramatically from 41% a year ago, but up from the 10% reading in August. That might not seem like a big deal, but in the past four years, the bidding war rate has dropped — not increased — from August to September.