Not since May 2020 has competition been this weak for home buying, according to a new report from real estate brokerage Redfin.

Less than half of home offers written by Redfin agents faced competition on a seasonally adjusted basis in June. The 49.9% rate marked the first time that metric fell under 50% since May 2020 when COVID-19 brought the home market to a near standstill.

It also marked the fifth month in a row that percentage had fallen. It was 65% one year earlier and 57.3% in May.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.