One in 10 U.S. homes sold in the first quarter of 2022 was 'flipped' — or bought-and-sold within a year by an arms-length buyer — the highest level since 2000.
Where they're flipping:
Phoenix took the flipping prize for the first quarter of 2022: 18.7% of all home sales there were flips.Where they're not:The next runners-up were Portland, Maine ; Salem, Ore. ; Syracuse, N.Y. ; and Davenport, Iowa .While starry-eyed investors continue to fix and flip, their return on investment is dwindling:Flipped homes resold for a median price of $327,000 in the first quarter of 2021.
But profit margins declined in the first quarter of 2022 from the prior quarter in 73% of the metro areas with enough data to analyze, ATTOM said.in the first quarter — 62.7% — had been purchased by the flippers without financing. That's virtually unchanged from the prior quarter and up slightly from 60.9% in the first quarter of 2021.
As interest rates rise, "cash buyers should be in an even greater position of competitive advantage in the fix-and-flip market,” Sharga said. “It will be interesting to see if the percentage of cash purchases, and purchases made by larger, better capitalized investors, increases over the next few quarters.
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