More homes are being flipped for a profit this year, according to a new report from ATTOM Data Solutions. In it's Q3 2016 U.S. Home Flipping Report, the data company shows that home and condo flipped sales are only slightly behind a six year high set in the previous quarter. The current flipped rate is 5.1 percent of all home sales nationwide.
45,718 residential properties last quarter were home flips. A flipped home is considered any property that is sold in an arms length transaction for the second time in a twelve month period. Rising demand from buyers amidst a shortage of homes on the market is sparking the increase in the practice.
In addition to the overall volume of flipped homes increases, the profit investors are realizing is climbing as well. The average gross profit in the second quarter was $62,424 nationwide. In San Diego, where buyer demand continues to surge, profits topped $151,000.
Today, conventional conforming no-point 30-year fixed rates are averaging 4 percent while the 15-year rate is near 3.25 percent.
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