The appreciation of their homes from purchase to sale is revealed in the latest report from ATTOM Data Solutions; it’s the highest gain since Q3 2007 when the average was $57,000 (27% gain).
The average duration of ownership ticked higher at 8.05 years, compared to 7.85 years in the first three months of 2017 and 7.59 years in Q2 2016.
“Potential home sellers in today’s market are caught in a Catch-22. While it’s the most profitable time to sell in a decade, it’s also extremely difficult to find another home to purchase, which is helping to keep homeowners in their homes longer before selling,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.
Homeowners sold for the largest profits in San Jose (75%), San Francisco (65%), Seattle (63%), Modesto, CA (62%) and Denver (62%).
The report also highlights an increase in the share of cash buyers of single-family and condo homes in Q2 2017; 28.9% up from 27.3% a year earlier, although down from the 31.3% share of the first quarter of this year.
The share of homes sold to institutional investors buying at least 10 properties was also lower year-over-year (2.1% vs. 2.6%) but increased from the first quarter of 2017 (1.8%).
More market update:
Homeowners who sold their property during the second quarter of 2017 made an average $51,000 profit, a 26% gain.