Source: Fox News —
RALEIGH, N.C. (WGHP) – Despite a cooling market because mortgage rates have risen to fight inflation, home sellers in 2022 still had an amazing rate of return – and those in Raleigh were among the best.
The ATTOM U.S. Home Sales Report released today showed that sellers nationally saw a 21% higher average profit – up to $112,000 – from 2021 and 78% higher than in 2020.
The report, which provides a variety of data on sales and profits from states and metropolitan statistical areas, also revealed that profits rose year over year in 98% of the nation’s markets, the highest level in the United States since at least 2008.
The report said that among metro areas with a population of at least 1 million, Raleigh ranked second for the largest median-price increases, up 17.9%. Only Tampa (21.9%) ranked higher, and Raleigh was followed by Austin, Texas (up 17.9%), Orlando (17.7%) and Tucson, Arizona (17.2%).
“It seems pretty likely that home seller profits peaked for this cycle in 2022,” Rick Sharga, executive vice president of market intelligence at ATTOM, said in a release announcing the findings. “Median prices have declined on a monthly basis since mortgage rates doubled between January and October and are likely to decline further in many markets across the country in 2023, reducing profitability for home sellers.”
Raleigh also showed up among large metro areas in an analysis of lender-purchased foreclosures in 2022, reporting among the smallest shares, with 0.2% of sales. Chicago had the highest rate, and only Denver (0.2%), Tucson (0.3%), San Francisco (0.3%) and Colorado Springs, Colorado (0.3%), were lower.
You may recall that in December ATTOM reported that Metro Winston-Salem was one of the country’s hottest markets for home flipping – buying, updating and quickly selling a residence – during the third quarter of the year.
The only other mention of a city from North Carolina in this report was Charlotte, which ranked among qualifying markets with at least 200,000 population as having among the highest portions of institutional-investor transactions.
Charlotte recorded 16.8% of sales fell in that group, which ranked only behind Atlanta (19%), Memphis (18.4%) and Jacksonville, Florida (17.9%).
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