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ATTOM released its first-quarter 2022 U.S. Home Flipping Report showing that home flips are up in the first quarter, while profits have sunk to a 13-year low. 

The report shows 114,706 single-family houses and condominiums in the United States were flipped in the first quarter, representing 9.6% of all home sales, or one in 10 transactions. This marks the highest level of home flips since at least 2000, up from 6.9%, or one in every 4 home sales in the nation during the fourth quarter of 2021. 

However, raw profits on those deals remained below where they were a year ago. In a striking trend, profit margins slipped to their lowest point since 2009.