Home bidding wars ease in May
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It got a little less competitive to buy a home nationally last month, though Southern California markets are still among the most competitive in the country, according to a report from Redfin.com.
The online real estate broker reported that 69.5% of offers made in May were competing with multiple bids. That was compared with about 73.3% of offers caught up in bidding wars in April.
Southern California’s housing recovery: An interactive map
An inventory increase in April probably played the biggest hand in the loosening the competition, according to Redfin. The site reported that the number of homes for sale was down 26% in April compared with a year earlier but up 6.4% month over month. That was the largest monthly gain since March 2010.
Four out of the top five most competitive markets in May were in California. San Francisco topped the list, with 87.9% of all buyers facing a bidding war last month, followed by Los Angeles, 86.1%; Orange County, 83.9%; and San Diego, 72.6%.
Boston was the fifth most competitive market in the country, with 68.1% of offers there facing a bidding war.
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