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Tom York on Business: Crazy level of Home Bidding Continues in San Diego

A house is for sale in Point Loma in September. Photo by Chris Stone

The crazy home-bidding wars have slowed a bit across the U.S., but apparently not in San Diego. The region is still among the top five most active regions for bidding wars, according to residential real estate data service Attom.

The Irvine-based company’s most recent report looked at markets that are more or less vulnerable to damage from the coronavirus pandemic still threatening the economy.

The report shows that New Jersey, Illinois and Delaware boast the highest concentrations of the top at-risk markets — with the largest clusters in the New York City and Chicago areas — while the West was far less vulnerable.

The good news is that bidding among buyers slowed to a 2021 low in September — 59% faced competition in September. The bad news is that San Diego didn’t enjoy much of a drop, thought we did see a very meager 2% decline this year compared to last.

Raleigh, NC, had the highest bidding-war rate of the 45 U.S. metropolitan areas examined in the report — 73.9% of offers faced competition in September. Boston at 71.7% was No. 2 while Indianapolis at 71.4% was No. 3. Sacramento, and San Diego rounded out the top five, with rates of 70.5% and 70.3%.