Homebuyer bidding wars in metro Phoenix aren't as severe as they are in the Tucson market, according to a Redfin report that shows the nationwide homebuyer bidding war rate dropping to its lowest level since January.
Tucson ranked No. 9 in the nation among cities with the highest bidding-war rates based on Redfin agent experiences. In July, 68% of Redfin offers in Tucson faced bidding wars, up from 56.3% in June, according to the Redfin data.
Meanwhile in metro Phoenix, in July, 53% of Redfin offers faced bidding wars, up from 58.8% in June.
Valley real estate agents and homebuilders confirmed that they are seeing signs of the market cooling.
"We are seeing a slowdown of the bidding wars here in the Valley," said Keith Burton, Realtor for The Rider Elite Team. "In July, we had roughly 11 days' worth of single-family home inventory. As of yesterday, we are up to 23 days of single-family home inventory."