Regardless of fewer bidding wars amongst home-buyers, Seattle-area actual property costs proceed to climb


Home bidding wars are beginning to ease in the Seattle area.

The proportion of Redfin-listed homes that faced competition in June was 41%, up from 61% in May and almost 72% in June 2021.

Despite this, home prices continued to rise in June. The national median home price rose 13.4% in June from a year earlier.

Here in the Seattle area, Redfin says the average selling price of a home is up 11.2% “year over year.”

The Seattle-based real estate agent says high inflation and rising interest rates are taking a “bite” out of homebuyers’ budgets.

“This is definitely unprecedented. This is the fastest mortgage rates have risen. And it was at a time when demand in the housing market was incredibly hot. So I think it shows how important mortgage rates are to the competitiveness of the housing market. And it’s not surprising, but it’s dramatic,” Redfin chief economist Daryl Fairweather told KIRO Newsradio.

Real estate investment firms will buy nearly 10% of King County homes in 2021

Tampa, Fla. had the lowest “bid war rate” in June at 29%. On the other end of the spectrum, Providence, Road Island and Boston, Massachusetts both recorded rates above 70%.

Follow @