Tucson homebuyer bidding wars outpace PHX as market cools

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Bid wars in metropolitan Phoenix are not as severe as they are in the Tucson market, according to a Redfin report that shows the nationwide bid rate for home buyers has dropped to its lowest level since January.

According to the experience of Redfin agents, Tucson was ranked ninth among the cities with the highest bidding war rates. In July, 68% of Redfin Tucson deals faced bidding wars, up from 56.3% in June, according to the Redfin data.

In Metro Phoenix, 53% of Redfin bids faced bidding wars in July, up from 58.8% in June.

Valley real estate agents and home builders confirmed they are seeing signs of the market cooling off.

“We’re seeing a slowdown in the bidding war here in the Valley,” said Keith Burton, broker for The Rider Elite Team. “In July we had around 11 days of single-family home inventory. Yesterday it was up to 23 days of single-family home inventory.”

Read more about this story from the Business Journal.

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