The home buying bidding wars are starting to subside in the Seattle area.
The share of homes, listed by Redfin, that faced competition in June was 41%, down from 61% in May, and nearly 72% in June of 2021.
Even so, home prices kept climbing in June. The national median home price jumped 13.4% in June, compared to the year before.
Here in the Seattle area, Redfin says the “year over year” median sale price of a home increased 11.2%.
The Seattle-based real estate brokerage says high inflation and rising interest rates are taking a “bite” out of home-buyers’ budgets.
“This is definitely unprecedented. This is the fastest mortgage rates have gone up. And it was during a time when housing market demand was incredibly hot. So I think it’s It goes to show how important mortgage rates are in terms of the competitiveness of the housing market. And it’s not surprising, but it is dramatic,” Daryl Fairweather, chief economist for Redfin, told KIRO Newsradio.
Tampa, Florida saw the lowest “bidding war rate” in June at 29%. On the other side of the spectrum, Providence, Road Island, and Boston, Massachusetts both saw rates above 70%.