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Home flipping cools in third quarter


Home flipping activity fell off in the third quarter, Attom Data Solutions reported.

There were 45,718 single-family homes and condominiums flipped in the third quarter, defined as a property that is bought and sold in an arms-length transaction within a 12-month period. That was down from a six-year high of 53,892 in the previous quarter.  Attom Data Solutions tracks home flipping in 950 counties, which account for roughly 80 percent of the population.

Home flips in the quarter represented 5.1 percent of all single-family sales, down from 5.6 percent in the previous quarter. The percentage was unchanged from the third quarter of 2015, however.

Attom Data Solutions also estimated that 35, 764 entities flipped properties in the third quarter, down 14 percent from a nine-year high in the previous quarter.

 “While the macro trends of low housing inventory and rising home prices are favorable for flippers, they are also a double-edged sword, attracting more competition and reducing the availability of deals — particularly in the most fundamentally sound local markets,” said Attom Data Solutions Vice President Daren Blomquist. Investors are increasingly looking into markets and neighborhoods “that may be less fundamentally sound,” with lower prices and older homes, he added.  


 

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