US housing market fuels bidding wars, driving prices higher

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) — Would-be homeowners are increasingly opting to pay sellers more than their asking price in hopes of edging out rivals as heightened competition for the few homes on the market fuels bidding wars. A greater share of homes sold above asking price in January — 52% — than ever recorded, according to real estate brokerage Redfin, up from 40.2% a year earlier. Increasingly, many buyers are going well above a home’s listing price. Nearly 6,000 homes in 50 of the biggest U.S. metropolitan areas by population sold this year for at least $100,000 above their listed price, Redfin said.