--- title: Are Bidding Wars Back in Your Town? Housing Market Shows Signs of Recovery description: Is the housing market heating up? Redfin data shows that mortgage applications are up after mortgage rates fell from a November 2022 high. authors: - name: Sarah Hansen role: Senior Writer url: https://money.com/author/sarah-hansen/ bio: Sarah Hansen is a senior writer at Money covering all things personal finance. Previously, she covered economic policy and capital markets on the breaking news desk at Forbes. education: Northwestern University, New York University at_money_since: 2021 articles: 347 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes social: - https://www.linkedin.com/in/sarah-m-hansen/ former_staff: true editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2023-01-26T18:41:19.000Z' modified: '2024-02-18T12:55:50.000Z' section: Housing tags: - News word_count: 398 canonical: https://money.com/bidding-wars-housing-market-recovery/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo Collage of a house with a "Sold With Multiple Offers" sign](https://img.money.com/2023/01/News-2023-Housing-Market-Come-Back.jpg) Presented by ![](https://s3.consumersadvocate.org/prd/image/image/38138/a1d25ab8-422a-48d0-9bc7-c9801c2d423d.webp) Becoming a homeowner is closer than you think with AmeriSave Mortgage. Don't wait any longer, start your journey today! [Go to AmeriSave.com](https://money.com/pr/vfba9b7bee33?ap_referrer=%2Fbidding-wars-housing-market-recovery%2F) Could the housing market be heating up again? After a sharp uptick in [mortgage rates](https://money.com/current-mortgage-rates/) in 2022, both buyers and sellers headed to the sidelines. But [new data](https://www.redfin.com/news/the-housing-market-has-started-to-recover/) from the real estate brokerage Redfin provides evidence that a recovery is underway now that mortgage rates are falling. The average rate on a 30-year fixed rate mortgage is [now 6.13%](https://money.com/current-mortgage-rates/), according to Freddie Mac. That's nearly a full percentage point less than its peak of 7.08% in early November, and many [experts expect](https://money.com/housing-market-2023-expert-predictions/) rates to keep falling in the months to come. ## Lock in the best Mortgage Rate for you today ### Act today, and don’t stress about the future. Lendingtree Mortgage can help you lock in a low Mortgage Rate for 90 days. Click on your state now to get started. [View Rates](https://money.com/pr/n6a8a4859d63?ap_referrer=%2Fbidding-wars-housing-market-recovery%2F) Not all products are eligible. All loans are subject to credit approval. [Additional](https://www.amerisave.com/lock-shop/) terms & conditions apply. ## What the data shows - The number of customers requesting first tours of homes on Redfin has risen 17 percentage points since November. - The number of people contacting Redfin agents to begin the home-buying process has risen 13 percentage points since November. - Mortgage applications have risen 28% since early November, when mortgage rates appear to have peaked. - Redfin says that bidding wars are once again on the rise in some markets — notably Seattle and Tampa. ## Stop dreaming — a new home is possible with AmeriSave Mortgage ### Don’t waste another minute and start the process of locking a Mortgage Rate that’s right for you by clicking below. [View Rates](https://money.com/pr/s714e25b4065?ap_referrer=%2Fbidding-wars-housing-market-recovery%2F) Not all products are eligible. All loans are subject to credit approval. [Additional](https://www.amerisave.com/lock-shop/) terms & conditions apply. ## Keep in mind - Those first two numbers are still significantly lower than they were a year ago — down 23% and 27%, respectively. That's an indication that the market is still far below its 2021 peak. - Homebuilding is ticking up: [Data](https://www.census.gov/construction/nrs/current/index.html) released Thursday by the Census Bureau showed that sales of newly built homes (not existing homes) ticked up 2.3% in December. ## What’s next, according to experts "January thus far has shown promise of offering a turning point in the market," Zillow Senior Economist Nicole Bachaud said in email commentary shared with Money. "With builder sentiment up, mortgage rates down, and mortgage applications picking up steam again, we might see the market thaw out before the spring shopping season sets up." Redfin deputy chief economist Taylor Marr says that even though the thaw is likely to continue over the next months and weeks (helped along by falling inflation and interest rates), "there’s still a long way to go." In a [blog post](https://www.redfin.com/news/the-housing-market-has-started-to-recover/), he notes that the recovery will vary significantly on the local level — some places could see the return of ultra-competitive bidding wars, while others could see the market continue to stagnate. ## Take the first step to becoming a homeowner today ### Get a Mortgage Rate that works for you. Lendingtree Mortgage can help you get started with just a few clicks. Get started now by clicking below. [View Rates](https://money.com/pr/h08d66976da7?ap_referrer=%2Fbidding-wars-housing-market-recovery%2F) Not all products are eligible. All loans are subject to credit approval. [Additional](https://www.amerisave.com/lock-shop/) terms & conditions apply. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/bidding-wars-housing-market-recovery/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Housing", "item": "https://money.com/housing/" }, { "@type": "ListItem", "position": 3, "name": "Home Buying", "item": "https://money.com/home-buying/" }, { "@type": "ListItem", "position": 4, "name": "Are Bidding Wars Back in Your Town? Housing Market Shows Signs of Recovery" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/bidding-wars-housing-market-recovery/#webpage", "url": "https://money.com/bidding-wars-housing-market-recovery/", "name": "Are Bidding Wars Back in Your Town? Housing Market Shows Signs of Recovery", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-01-26T18:41:19.000Z", "mainEntity": { "@id": "https://money.com/bidding-wars-housing-market-recovery/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/bidding-wars-housing-market-recovery/#breadcrumb" }, "dateModified": "2024-02-18T12:55:50.000Z" }, { "@type": "NewsArticle", "headline": "Are Bidding Wars Back in Your Town? Housing Market Shows Signs of Recovery", "articleSection": "Housing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/01/News-2023-Housing-Market-Come-Back.jpg", "width": 4086, "height": 2725, "caption": "News-2023-Housing-Market-Come-Back" } ], "author": [ { "@type": "Person", "name": "Sarah Hansen", "url": "https://money.com/author/sarah-hansen/", "@id": "https://money.com/author/sarah-hansen/#author", "description": "Sarah Hansen is a senior writer at Money covering all things personal finance. Previously, she covered economic policy and capital markets on the breaking news desk at Forbes.", "image": "https://img.money.com/2021/10/a_sarah-hansen.jpg?quality=85&w=400&h=440&crop=1", "email": "sarah.hansen@money.com", "alumniOf": "Northwestern University, New York University", "sameAs": [ "https://www.linkedin.com/in/sarah-m-hansen/" ] } ], "publisher": "https://money.com/#organization", "datePublished": "2023-01-26T18:41:19.000Z", "description": "Is the housing market heating up? Redfin data shows that mortgage applications are up after mortgage rates fell from a November 2022 high.", "abstract": "Is the housing market heating up? Redfin data shows that mortgage applications are up after mortgage rates fell from a November 2022 high.", "@id": "https://money.com/bidding-wars-housing-market-recovery/", "inLanguage": "en-US", "dateModified": "2024-02-18T12:55:50.000Z", "editor": [ { "@type": "Person", "name": "Brad Tuttle", "url": "https://money.com/author/brad-tuttle/", "@id": "https://money.com/author/brad-tuttle/#author", "description": "Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals.\r\n\r\n", "image": "https://img.money.com/2014/01/Brad-Tuttle.png?w=226&h=247&crop=1", "alumniOf": "Columbia University School of Journalism, MS", "sameAs": [ "https://twitter.com/bradrtuttle", "https://linkedin.com/in/brad-tuttle-834b225" ] } ], "wordCount": 398, "keywords": [ "News" ], "about": [ { "@type": "Thing", "name": "Housing in the United States", "sameAs": [ "https://en.wikipedia.org/wiki/Housing_in_the_United_States" ] }, { "@type": "Thing", "name": "Real estate", "sameAs": [ "https://en.wikipedia.org/wiki/Real_estate" ] }, { "@type": "Thing", "name": "Housing market", "sameAs": [ "https://en.wikipedia.org/wiki/Housing_market" ] } ] } ] } ```