At least some element of seasonality appears to have returned to the national housing market last month: Redfin’s monthly report on competition its agents’ offers faced found a slightly less frenzied atmosphere.
Only 65 percent of offers written by Redfin agents nationwide faced competition in June, down from 72.1 percent in May and 74.1 percent in April.
Buyer interest typically wanes somewhat in the summer due to family vacations and the signing of new leases.
“Buyer fatigue is likely one factor pushing down the competition rate, with some house hunters moving to the sidelines after losing bidding war after bidding war and/or getting priced out,” the Redfin report says. “An improving supply situation may also be making a difference, with new listings up 4 percent [nationally] year over year. That means there are more properties hitting the market for buyers to bid on.”