Nationally, only 11% of residential properties for which agents submitted offers during July 2019 saw multiple bids, according to Redfin. Even highly competitive markets, such as San Francisco and San Diego, saw multiple bids drop significantly, from 72% to 35% in San Francisco and from 62% to 21% in San Diego.

Redfin indicated that this 11% in multiple offers in July 2019 is the lowest level of multiple offers since 2001. Even comparing this 11% to last year’s 46% is a significant drop in multiple offers. And, apparently, even the fact that the number of homes on the market for sale dropped by -3.4% compared to last July, did nothing to jump-start the competition.

Here are comparative bidding war percentages in 20128 and 2019 by city, according to Redfin:

7/2018                       7/2019

National                                 46%                            11%

San Francisco                         72%                            35%

San Diego                              62%                            21%

Boston                                   64%                            16%

Los Angeles                            65%                            16%

Philadelphia                            37%                            14%

Denver                                   49%                            14%

San Jose                                 80%                            13%***

Sacramento                             39%                            9%

Washington DC                        40%                            9%

Raleigh                                   29%                            9%

Portland                                 37%                            9%

Chicago                                 31%                            8%

Seattle                                  41%                            8%

Atlanta                                  35%                            8%

Austin                                   39%                            8%

Las Vegas                              31%                            7%

Dallas                                    43%                            7%

New York City                         41%                            6%

Houston                                 38%                            5%

Miami                                   30%                            1%

Redfin’s chief economist, Daryl Fairweather, believes that lower interest rates may encourage buyers to “be more assertive and increase competitive bidding” once again. “If you’re outbid once, you’re more likely to bid up on the next one.”