Homebuyer bidding wars hit a new low in August

The competition to snag a home continues to ease, with August seeing the fewest competing offers so far this year. 

About 58.8% of the home offers by Redfin agents faced competition, a new low for 2021, according to the technology-powered real estate brokerage. 

This is a decrease from the revised bidding-war rate of 62.1% a month prior and it's well below the "peak of 74.3% in April," according to Redfin.  

The August rate is also lower than the bidding-war rate of 59.4% reported a year ago.