San Francisco—one of the most expensive markets in the country—was the most competitive in July, with 35 percent of Redfin offers facing a bidding war. That’s down from 72.4 percent a year earlier and up from 28 percent in June, mirroring the seven-percentage-point increase seen from June to July of last year.
San Diego was home to the second-most competitive market in July, with 21.3 percent of Redfin offers facing competition. It’s followed by Boston (16.4%), Los Angeles (16%), Philadelphia (14.3%) and Denver(14%). The bidding war rate in San Jose, San Francisco’s neighbor to the south, was just 13.3 percent, and in Seattle, another expensive West Coast market, the rate was only 7.8 percent.
Miami was the least competitive market in July, with just 1.3 percent of the offers submitted by Redfin agents facing competition. Next comes Houston, where 4.8 percent of offers faced competition, New York(6.3%), Dallas (6.6%) and Las Vegas (7.3%).