Real Estate

Bidding wars in a pandemic? Housing is heating up fast

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Prospective home buyers arrive with a realtor to a house for sale in Dunlap, Illinois.

Daniel Acker | Bloomberg | Getty Images

After the housing market nearly shut down in April, competition is back with a fury. States are loosening social distancing restrictions and homebuyers are rushing out to open houses again. The trouble is, they’re not finding much to buy. 

The coronavirus pandemic caused an historic drop in the supply of homes for sale that was already pretty meager. New listings had dropped by half during the second weak of April, compared with a year ago, according to Redfin, a real estate brokerage. Weak supply and growing demand is now causing a surge in bidding wars,…



Source cnbc.com

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