Nearly two-thirds of San Diego home sales end with bidding war

Nearly two-thirds of San Diego home sales end with bidding war

Nearly two-thirds of San Diego home sales end with bidding war
Across the U.S. buyers are competing with one another for the limited selection of homes for sale. According to new data from Redfin, 56.8 percent of offers made on the real estate site had multiple bids as of October. While this is slightly down from the 59.3 percent peak reached in August, it represents the sixth consecutive month in which the rate of bidding wars was above 50 percent.

San Diego ranked second place in the nation with 73..2 percent of all home sales ending with a bidding war. This is up from 71.6 percent in September.

Low mortgage rates and few homes for sale has caused bidding wars to remain quite fierce this year. As a result, there has been a stagging surge in home prices, rising 15 percent on a year-over-year basis nationwide.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.