The Phoenix metro housing market is seeing some of the nation’s highest number of homebuyers backing out of deals, along with one of the biggest declines in bidding wars, according to research from real estate platform Redfin .
“House hunters today are taking their time and exploring their options, whereas six months ago, they had to act quickly and pull out every stop to compete because homes were selling almost immediately,” said Tzahi Arbeli, a Redfin real estate agent in Las Vegas, in Redfin’s report. “Homebuyers now will agree to buy a house and be doing the inspection, and then back out because they found another home they love more.
Bidding wars have been declining nationwide for seven straight months, Redfin said, following general trends of the cooling market. Nationwide in August, 44.6% of home offers written by Redfin agents faced competition, which was down from 63.5% a year earlier.In both reports, Redfin pointed to surging mortgage rates, finding that the average 30-year-fixed mortgage rate was at 6.29% a week ago, the highest level since 2008.
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