Home flipping rates nationwide declined after a year of increases. Nationally, during the second quarter of 2022, 115,198 single-family houses and condominiums were flipped. That equates to 8.2% of all home sales, or one in 12 transactions, according to data curator ATTOM’s U.S. Home Flipping Report.
In comparison, Q2 home flips were down from 9.7%, or one in every 10 home sales, during the first quarter. They were up from 5.3%, or one in 19 sales, in the second quarter of last year.
Still, the home-flipping rate during the second quarter of this year remained at the third-highest level since 2000, below the high point registered in the first quarter of 2022, according to ATTOM.
The median sales price of a flipped property – $328,000 – was the highest ever, ATTOM’s executive vice president of market intelligence, Rick Sharga, said.
The gross profit on typical transactions hit $73,700. That’s up 10% from $67,000 in the first quarter of 2022 and up 10.1% from $66,944 in the second quarter of 2021.
Typical profit margins garnered a 29% ROI, according to the data, up from 25.8% in the first quarter.
Home flips as a portion of all home sales decreased from the first quarter to the second quarter in 161 of the 202 metros (80%) analyzed.
Among those metros, the largest flipping rates during the quarter were in:
- Tucson, Ariz. (where flips comprised 14.5% of all home sales)
- Phoenix, Ariz. (14.1%)
- Jacksonville, Fla. (13.8%)
- Atlanta, Ga. (13.6%)
- Gainesville, Ga. (13.5%).