Real Estate

Bidding wars for homes hit a decade low

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A realtor, at right, shows prospective buyers a property in Newport Beach, California.

Jamie Rector | Bloomberg | Getty Images

Competition in the fall housing market is falling. Just 10% of offers written by Redfin agents for their clients in October faced a bidding war, down from 39% a year ago, according to the Seattle-based real estate brokerage.

Mortgage rates are still significantly lower than they were a year ago but moved slightly higher during the month, making homes less affordable overall.

Home price gains had also been falling all year, but now those gains are re-accelerating. Those two factors translate into both higher down payments and higher monthly payments. Buyers may be…



Source cnbc.com

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