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SEATTLE-A recent report from locally based Redfin shows that in October, 55.9% of offers written by Redfin agents faced bidding wars, down from 58.3% in September. This is was the seventh month in a row that Redfin reported a month-over-month drop in competition. October also was the third consecutive month to see competition fall below 2012 rates.

Competition continued to soften in October amidst the US government shutdown and plummeting consumer confidence. Despite the uncertainty in the overall economy, overall homebuyer demand in October was actually more robust than expected. This unexpectedly strong demand paired with dwindling inventory likely kept competition from falling even further in October, says Redfin.

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