The price gain represents a 24% return on the purchase price, and is also the highest average price gain since the third quarter of 2007.
On average, homeowners who sold in the first quarter owned for 7.97 years – a slight drop from 8 years in the last quarter of 2016 but a year-over-year increase from 7.68 years.
"The first quarter of 2017 was the most profitable time to be a home seller in nearly a decade, and yet homeowners are continuing to stay put in their homes longer before selling," said Daren Blomquist, ATTOM senior vice president. "This counterintuitive combination is in part the result of the low inventory of move-up homes available for current homeowners, while also perpetuating the scarcity of starter homes available for first-time homebuyers.”
ATTOM reported homeownership tenure had an average of 4.26 years between Q1 2000 and Q3 2007, while data from the U.S. Census Bureau said families with small children spent seven years in the same household.
Cities in California reported the highest average price gains. San Jose home sellers had an average price gain of $356,500; San Francisco with $276,750 and Los Angeles with $187,000.
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Refi originations up by 20%
Homeowners reported gaining an average of $44,000 after selling in the first quarter of the year, according to the latest data from ATTOM Data Solutions.