Potential home buyers are facing far fewer competing bids than they did even a year ago. : (Bloomberg)—Here’s how rapidly the U.S. housing market has cooled: Buyers are now about four times less likely to face a bidding war than they were just a year ago. In June, 12% of buyers faced competition compared with 52% a year earlier, according to an analysis by brokerage Redfin of offers written by its agents. While San Francisco is the most competitive market, the share of listings that got multiple offers fell to 28% from 65%.