US housing market fuels bidding wars, driving prices higher

Thriving market: A sign posted in front of new homes for sale at Hamilton Cottages in Novato, California. The state is home to six out of the top 10 metropolitan areas where homes are selling for US$100,000 (RM419,300) or above the list price. — AFP

WOULD-BE homeowners are increasingly opting to pay sellers more than their asking price in hopes of edging out rival buyers as heightened competition for few homes on the market fuels bidding wars.

About 52% of United States homes sold in January fetched more than their list price, up from 40.2% a year earlier, according to data from Redfin, a national real estate brokerage.