There will likely be less competition for home buyers this spring—a widely reported index from Redfin shows a significant decrease among real estate professionals reporting bidding wars this month, compared to a year ago. Only 16 percent of offers written by Redfin agents on behalf of their customers in the first three weeks of March faced a bidding war, down from 61 percent a year ago, according to the brokerage’s index.

San Francisco, Boston, San Diego, and Portland, Ore., are the most competitive housing markets this month, according to the report. However, even in these markets, only one in five buyers faced bidding wars; a year ago, real estate agents in these markets reported that 65 percent of their buyers’ offers faced multiple bids.

“This year even when there is competition among buyers for the same house, prices aren’t bid as high as they were last summer,” says Katie Gilbert, a real estate professional with Redfin in San Diego. “Overall it’s not as chaotic as last year, but buyers still need to move quickly to win homes in the popular areas.”

The following markets are seeing the highest number of bidding wars this month:

1. San Francisco

• Share of offers that faced competition (March 1-21, 2019): 22%
• Share of offers that faced competition (March 1-21, 2018): 86%

2. Boston

• Share of offers that faced competition (March 1-21, 2019): 22%
• Share of offers that faced competition (March 1-21, 2018): 82%

3. San Diego

• Share of offers that faced competition (March 1-21, 2019): 20%
• Share of offers that faced competition (March 1-21, 2018): 69%

4. Portland, Ore.

• Share of offers that faced competition (March 1-21, 2019): 20%
• Share of offers that faced competition (March 1-21, 2018): 66%

5. Denver

• Share of offers that faced competition (March 1-21, 2019): 19%
• Share of offers that faced competition (March 1-21, 2018): 70%

6. Philadelphia

• Share of offers that faced competition (March 1-21, 2019): 17%
• Share of offers that faced competition (March 1-21, 2018): 47%

7. Los Angeles

• Share of offers that faced competition (March 1-21, 2019): 17%
• Share of offers that faced competition (March 1-21, 2018): 70%

8. Seattle

• Share of offers that faced competition (March 1-21, 2019): 17%
• Share of offers that faced competition (March 1-21, 2018): 72%

9. Austin, Texas

• Share of offers that faced competition (March 1-21, 2019): 16%
• Share of offers that faced competition (March 1-21, 2018): 53%

10. Washington, D.C.

• Share of offers that faced competition (March 1-21, 2019): 14%
• Share of offers that faced competition (March 1-21, 2018): 57%

11. Atlanta

• Share of offers that faced competition (March 1-21, 2019): 14%
• Share of offers that faced competition (March 1-21, 2018): 28%

12. Phoenix

• Share of offers that faced competition (March 1-21, 2019): 14%
• Share of offers that faced competition (March 1-21, 2018): 41%

On the opposite end, the least competitive housing markets so far in March, according to Redfin’s index, are Miami (5 percent of offers faced competition), Dallas (8 percent), and Houston (9 percent). A year earlier, all three of these markets were seeing 26 percent or more offers in a bidding war, according to the index.

Beloved household animals can leave behind smells that could turn off potential buyers when a home is for sale. Homeowners—who may have become “nose blind” to the smells—may want to take a few steps to remove any lingering smells prior to their first showing. Here are a few tips from HouseLogic.com, a home improvement resource:

Start scrubbing.

Scrub the bare floors and walls where pets have left their mark with vinegar, wood floor cleaner, or an odor-neutralizing product (available at pet supply stores), HouseLogic recommends. They also suggest a 1:9 bleach-to-water solution on surfaces like cement floors or walls.

Wash drapes and upholstery.

The odors can seep into fabrics. Wash or dry-clean all the fabric window coverings, and steam-clean any upholstered furniture to try to remove any smells. Remove or replace pet bedding, too.

Clean carpets.

Shampoo carpets and rugs, or hire professionals to do it. If the smell still lingers, you may need to consider removing the carpets and padding completely. If you do, scrub the sub-floor with vinegar or an odor-removing product before installing any new carpeting or padding so that the smell doesn’t return.

Let fresh air in.

As you clean, open all the windows in the home to let fresh air circulate.

Paint or seal.

“When heavy-duty cleaners haven’t eradicated smells in drywall, plaster, or woodwork, add a fresh coat of paint or stain, or replace the drywall or wood altogether,” HouseLogic.com suggests. It may help smells from reemerging.

Put down some pet rules.

While a house is on the market, you may want to put some limits on where a pet is able to go in the home to prevent smells from returning and limit clean ups. Crate a dog while you’re out and, if possible, limit pets to a certain floor or room. Replace kitty litter daily—not just scooping up clumps, but actually replacing it.

Lower mortgage rates are making for a rosy spring selling season, even if the economy is starting to show some sluggishness, economists note in Freddie Mac’s March forecast.

“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence—two of the most important drivers of home sales,” says Sam Khater, Freddie Mac’s chief economist. “Rising sales demand coupled with more inventory than previous spring seasons suggests that the housing market is in the early stages of gaining momentum.”

The 30-year fixed-rate mortgage dropped to a 4.28 percent average last week, lower than the 4.45 percent average from a year ago, Freddie Mac reports. “Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the home buyer affordability front,” Khater says

Freddie economists predict that the 30-year fixed-rate mortgage will average 4.5 percent in 2019 and increase to 4.8 percent in 2020.

Home price growth likely will continue to slow, researchers note. Freddie is projecting annual home price growth increases of 3.5 percent in 2019 and then 2.5 percent in 2020.

But with demand growing for housing, economists are upbeat that housing construction will increase this year. Total housing starts will likely increase over the next two years, with the most growth coming from the single-family housing segment, according to the report. Total housing starts are forecasted to rise to 1.27 million units in 2019 and to 1.33 million units in 2020. (Read: You’re Even More Vital to New-Home Buyers)

However, while the housing market looks poised to gain steam, the economy overall is showing some signs of weakening compared with a year ago. A decline in consumer spending has lowered economists’ GDP growth rate forecasts for the first quarter of 2019 to 1.2 percent.

Mortgage applications set a record for the third consecutive week as lower rates drew out more refinancers and home buyers, according to the Mortgage Bankers Association’s seasonally adjusted application index.

Total mortgage application volume rose 1.6 percent last week compared to the previous week, and applications are now 1.8 percent higher than a year ago, according to the MBA. Many of those gains have come from refinancers, but more purchase applications are also appearing. Purchase applications are 1 percent higher than a year ago.

Rates are lower than a year ago. The average 30-year fixed-rate mortgage fell to 4.55 percent last week compared to 4.64 percent the previous week. That is the lowest rate since February 2018, the MBA reports.

The wealthy are largely being lured to the housing market. The average loan size also set a record for the third straight week, reaching $327,500, the MBA reports. The median price of a home sold in January was $247,500, according to the National Association of REALTORS®.

“Entry-level housing supply remains weak and is likely hindering some would-be first-time buyers from finding a home,” said Joel Kan, the MBA’s associate vice president to economic and industry forecasting. “This, along with faster growth in the higher price tiers, is why the average loan application size has risen to a new high for three straight weeks.”

The Federal Reserve announced Wednesday after its March meeting that it will leave its short-term interest rates unchanged and also signaled that it likely will not raise rates for the remainder of the year. This marks a sudden change to what had been five consecutive quarters of rate increases. Not only that, the Fed also did not rule out the possibility of a future rate cut.

The Fed’s key benchmark rate is now in the range of 2.25 to 2.5 percent. The Fed’s rate is not directly tied to mortgage rates but often influences them. Many Fed officials at Wednesday’s meeting hinted that a single rate increase is likely for 2020 and not likely in 2021.

The economy “is in a good place,” but Fed Chairman Jerome H. Powell acknowledged that it is slowing compared to a year ago and will likely continue to slow into 2020. Powell, however, showed little concern about inflation.

Yields on the 10-year Treasury note, which often are more closely tied to long-term fixed mortgage rates, dropped significantly following the Fed’s statement. The yield on the 10-year Treasury dropped to 2.52 percent—the lowest level since January 2018.

Also at Wednesday’s meeting, the Fed announced it would likely reduce the monthly holdings of U.S. Treasury bonds from up to $30 billion to $15 billion beginning in May. That could ultimately have an impact on mortgage rates, says Mike Fratantoni, the Mortgage Bankers Association’s chief economist.

“The bigger news from this meeting was the clear signal that the Fed will stop allowing their balance sheet to shrink, and will begin to slow it to grow again starting this fall,” says Fratantoni. “Fed officials have noted that they would like to return the balance sheet to primarily Treasury assets, meaning that MBS will continue to roll off, with the proceeds being invested in Treasury securities … The Fed also noted the potential to sell ‘residual holdings’ of MBS at some point, but that they would give plenty of notice before doing so. Over time, these changes could put some upward pressure on mortgage-Treasury spreads—and ultimately—mortgage rates.”