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Published: Jul 21, 2022 4 min read
Collage of a house with a for sale sign in an isolated and dark space
Money; Shutterstock

As rising mortgage rates throw cold water on the formerly red-hot housing market, the ultra-competitive bidding wars that defined the last two years are quickly disappearing.

New data from real estate brokerage Redfin shows that just under 50% of home sale offers written by the company’s agents faced a bidding war in June. That’s the lowest rate of competition — and the first time less than half of offers have encountered a bidding war — since May 2020, at the beginning of the COVID-19 pandemic.