One out of every 15 home sales in the second quarter of the year were defined as “flips” by ATTOM Data Solutions. A flip is any arms-length transaction that occurred in the quarter where a previous arms-length transaction on the same property had occurred within the last 12 months.
ATTOM’s second quarter report on flipping says 53,621 single-family homes and condos were flipped in the second quarter, 6.7 percent of total transactions. This is down slightly from 7.5 percent or one of every 13 transactions in the first quarter, but up from 6.1 percent or one in 17 in the second quarter of last year.
While flipping declined slightly last quarter, both profits and profit margins were up. The median sales price of second quarter flips was $ 232,402 and the median paid by the investor was $ 164,500. This resulted in a gross profit on the typical home flip nationwide of $ 67,902. This 41.3 percent return on investment (ROI) was the highest since…