It was just last spring that home buyers in most of the nation were digging ever deeper into their pockets, bracing for a bidding war on whatever property they chose. And now, suddenly, they’re not. Home sales have slowed to a crawl nationally, and it’s not just the winter temperatures. The market’s pulse has become weaker, especially in areas that were hottest just last spring.
Just 32 percent of offers written by Redfin, a real estate brokerage, saw competing bids. That is down from 45 percent in November of last year.
In Seattle, where demand has outstripped supply for years, the drop is more abrupt. More than half of homes a year ago saw bidding wars, while less than a quarter are seeing them now.