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Competition for homes across the U.S. dropped in July, online real estate firm Redfin reported Thursday.
Last month, 63.3% of all offers obtained by Redfin agents landed in the middle of a bidding war, down from 68.6% in June and the peak of 75.7% in March.
Some of the more competitive markets — including Orange County and San Diego, Calif. — experienced steep drops in competition from June to July.
Redfin agents claim rising home prices, interest rates, inventory levels and buyer fatigue played a role in easing market competition during the summer months.
