Redfin: Multiple Offers Flat in October


Nationally, the rate of multiple-offer situations reported by Redfin agents stayed nearly constant from September to October, according to a new report from the low-fee brokerage.

The report said 60.3 percent of all offers written by Redfin agents nationally met competition last month, down from a peak of 74.5 percent in April.

“While the housing market slowed in October, the latest homebuying demand data indicates it may be heating back up this month – a sign that bidding wars could start to tick up again,” Redfin Chief Economist Daryl Fairweather said in a statement. “Homebuyers who dropped out of the housing market in the spring have returned under the assumption there will be less competition. They may be surprised to discover that bidding wars are still common because so many house hunters are looking to take advantage of low mortgage rates before they rise.”

October’s figures show buyer demand in the national housing market is still substantially elevated from pre-pandemic norms. For example, the company reported 38.7 percent of offers its agents wrote in October 2018 and 41.3 percent of offers they wrote in September 2018 met competition.

The report did not cover any New Hampshire metro areas, but noted the rate of multiple-offer situations in Boston and New York City were both down. In Boston, 63.7 percent of offers its agents wrote in the area met with at least one competing offer, compared to 71.2 percent in September. In New York City, 48.1 percent of offers met competition last month, compared to 51 percent in September.