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SEATTLE, Nov. 13, 2020 /PRNewswire via COMTEX/ —
SEATTLE, Nov. 13, 2020 /PRNewswire/ — (NASDAQ: RDFN) — 56.8% of Redfin offers on homes nationwide faced competition in October, little changed from September’s revised rate of 57.4%, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. While that’s down slightly from the recent peak of 59.3% in August, it represents the sixth-consecutive month in which the bidding-war rate exceeded 50%.
An offer is considered part of a bidding war if a Redfin agent reported that it received at least one competing bid.
Competition in the housing market has remained fierce during the coronavirus pandemic due to record-low mortgage rates, a shortage of homes for sale and a sudden wave of migration made possible by remote work. This has triggered a surge in