Nationwide, 54.5 percent of Redfin offers on homes faced competition in August, according to a new report from Redfin. Though that’s down from a revised rate of 57.3 percent in July, it’s the fourth month in a row that more than half of Redfin offers encountered bidding wars. An offer is considered part of a bidding war if a Redfin agent reported it received at least one competing bid.

Competition is still fierce in some expensive coastal areas, with the San Francisco/San Jose area and San Diego making up two of the three most competitive markets in August with roughly 65 percent of Redfin offers facing bidding wars.

Redfin clients who made offers in Greater Boston in August faced bidding wars 60.8 percent of the time, compared to 63.4 percent in July.

“In the last month, demand has gone down,” Lamacchia Realty owner Anthony Lamacchia told Banker & Tradesman at the end of August. “Some of that is because they’ve found homes, sometimes that’s because they’ve had to sign a lease for another year and they’ve become frustrated.”

However, while August is traditionally a slow month, many agents have told Banker & Tradesman that they remain busy.

“Because of COVID people are not traveling, taking two weeks off to go to Hawaii or wherever. Instead, they’re working at home,” Compass broker Charles George said last week.

The housing market continues to be a bright spot in an uncertain economy during the coronavirus pandemic, with historically low mortgage rates (the average 30-year fixed rate was 2.91 percent the week ending August 27) and a shortage of homes for sale driving buyers to compete for homes.

Nearly 60 percent of offers faced competing bids in three of the four most popular destinations for Redfin.com users who looked to relocate in July: Sacramento (57.8 percent), Phoenix (56.5 percent) and Austin (58.2 percent).

“The pandemic-driven trend of people moving away from densely packed cities toward more affordable and spacious regions means homes in places like Sacramento and Phoenix are becoming nearly as competitive as the Bay Area,” Redfin chief economist Daryl Fairweather said in a statement. “Low mortgage rates are motivating homebuyers who are thinking of moving to go through with it. I expect competition to continue picking up in more affordable parts of the country.”

Single-family homes were most likely to be part of a bidding war in August, with 56.6 percent of Redfin offers facing competition, trailed closely by townhouses (54.7 percent). A smaller portion of condos – 41.3 percent – faced bidding wars, reflecting the fact that while homebuyers are more interested in single-family homes during the pandemic, there is still competition for relatively affordable housing options like condos.

Homes priced between $600,000 and $800,000 were most competitive in August, with 58.4 percent of offers for those homes encountering bidding wars, followed closely by homes priced between $1 million and $1.5 million (58.2 percent). More than half of homes in all price ranges below $1.5 million faced bidding wars, versus 44.7 percent of homes priced above $1.5 million.

Staff writer James Sanna contributed to this report.