A total of 79,540 single-family homes and condominiums were flipped in the second quarter, according to new data from ATTOM. This represented 7.5%, or one of every 13 home sales.
The second quarter’s total is down by 8.7% in the first quarter and down by 7.9% in the second quarter of 2023.
The median $315,000 resale price of homes flipped nationwide in the second quarter generated a gross profit of $73,492 above the median investor purchase price of $241,508. That resulted in a typical 30.4% gross profit margin before expenses, up slightly from 29.2% in the first quarter and up from 27.8% in the second quarter of last year.
“The Spring home-buying season of 2024 brought another sign of hope for home flippers that the rebound in fortunes that began for them last year was more than just a temporary thing,” said Rob Barber, CEO for ATTOM. “It’s not as if profits have shot through the roof and investors are riding a new wave of good times. Far from it, as they continue to struggle to benefit from the broader market boom. But the second-quarter numbers did show another step in the right direction. With the market rising amid tight supplies of homes for sale around the country and falling interest rates, conditions appear ripe for more improvement over the rest of the year as long as prices don’t shoot up past what most buyers can afford.”
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