Redfin reported that the real estate market is cooling off some, as reported by Yahoo News. 

In the Boston area Redfin reported that they had 17.2% of offers written by Redfin agents on behalf of their home-buying customers faced a bidding war in June, down from 72.3% a year earlier, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. Nationally, just 12 percent of Redfin offers faced a bidding war in June, down from 52 percent a year earlier.

Boston condos buyers: Wait and see approach

When they see the market slowing down, they prefer to take a ‘wait and see’ approach. The only homes that are getting multiple offers now are the ones in the best locations, great condition, and priced lower than similar homes in the neighborhood.”

Other early housing market indicators suggest that the cooling trend could be short-lived.

“With low mortgage interest rates luring more homebuyers off the sidelines as supply dwindles, we’re likely to see competition pick back up, especially for the most affordable homes and neighborhoods, where inventory is limited and buyers are most rate-sensitive,” said Redfin chief economist Daryl Fairweather. “At Redfin, we’ve been seeing increases in the numbers of homebuyers starting their searches and going on home tours following the latest mortgage rate drops.”

National Real Estate Chart

Metro Area

June 2019

June 2018

May 2019

San Francisco, CA

27.7%

64.9%

34.5%

San Diego, CA

19.4%

60.7%

23.9%

Boston, MA

17.2%

72.3%

18.6%

New York, NY

15.1%

57.9%

10.2%

Los Angeles, CA

13.7%

66.7%

14.0%

Denver, CO

12.3%

50.0%

12.4%

Sacramento, CA

11.8%

50.0%

7.8%

Portland, OR

11.8%

48.1%

12.5%

Seattle, WA

11.5%

53.1%

13.9%

Las Vegas, NV

11.5%

55.9%

18.4%

Phoenix, AZ

10.9%

34.8%

10.0%

Chicago, IL

10.0%

35.4%

8.3%

Washington, D.C.

9.9%

49.2%

13.0%

Philadelphia, PA

9.1%

47.1%

13.4%

Austin, TX

8.7%

52.1%

17.3%

Houston, TX

7.9%

47.8%

12.0%

Atlanta, GA

7.2%

30.2%

11.8%

Raleigh, NC

6.6%

34.2%

4.7%

San Jose, CA

6.3%

74.4%

14.7%

Dallas, TX

5.3%

42.0%

6.2%

Miami, FL

0.0%

32.7%

2.8%

National

12.2%

51.7%

13.2%

 

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