The Seattle Times reported Saturday on what many homebuyers, sellers and real-estate professionals in the region have been experiencing over the past year or so: bidding wars in an "ultracompetitive local housing market." In fact, says the Times, "there are now more home-bidding wars than at any point this decade."

The Seattle metro area now sees a higher rate of bidding wars than any other high-priced market outside of the Bay Area, and the trend is growing. Across the region, about 75 percent of homes have received multiple offers so far this year, up from 55 percent four years ago, according to Redfin.

The crowd of bidders helps push prices higher: Now, 56 percent of homes sell for more than the asking price — more than double the national average and up from 26 percent in Seattle four years prior.

The reason for all the high-stake auctions is simple: There are way more well-qualified buyers than homes for sale.

The Times profiles several buyers who've been caught up in the bidding wars. It also includes some bracing statistics, such as these:

UPDATE JUNE 6: The Times has another story on the red-hot Seattle housing market, featuring prospective condominium buyers camping out overnight "with $5,000 checks to reserve new condos that start at more than $300,000 and aren’t opening until 2019." According to the Times, "home costs here are now soaring twice as fast as the national average."