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A total of 84,350 single-family homes and condominiums in the were flipped during the second quarter, according to data from ATTOM. These transactions represented 8% the quarter’s home sales and was close to the lowest level of flipping activity since 2021.

The second quarter’s home flipping percentage is down from 9.9% of all homes in the first quarter and down from 8.9% in the second quarter of 2022. The gross profit on typical transactions (the difference between the median purchase price paid by investors and the median resale price) increased to $66,500 in the second quarter, down from $102,063 one year earlier but also up from $56,250 in the first quarter of this year. The typical gross flipping profit translated into a 27.5% return on investment compared to the original acquisition price in the second quarter.

“Fortunes for investors who flip homes for quick profits are showing more signs of turning around after a long and unusual period when they went down while the rest of the market went up,” said Rob Barber, CEO for ATTOM. “However, the latest investment returns may not be substantial enough to cover the holding costs on typical deals. And it’s still too early to declare the profit downturn over, as much will depend on whether the second-quarter market surge keeps going or whether it retreats again like it did last year.”

Among the metros with the largest flipping rates during the second quarter were in Macon, Georgia (flips comprised 16.8% of all home sales), Columbus, Georgia (15.3%), Spartanburg, South Carolina (13.5%), Atlanta (13.5%) and Akron (12.5%).