Home flipping reached a 10-year high across the U.S. in 2016.
Just over 193,000 single family homes and condos were flipped in 2016, according to research released Thursday by analytics firm ATTOM Data Solutions. The firm defines a home flip as a property that is sold for the second time within a year.
Last year’s number of home flips was up 3.1% from 2015 and the highest level since the real estate boom of 2006, when 276,067 properties were flipped.
“Home flipping was hot in 2016, fueled by low inventory of homes in sellable or rentable condition along with a flood of capital—both foreign and domestic—searching for the returns and stability available with U.S. real estate,” said Daren Blomquist, senior vice president at ATTOM.
Mansion Global is now on LinkedIn. Join the discussion.
He added that investors in search of flipping- returns are increasingly willing to move to secondary and tertiary housing markets and neighborhoods with older, smaller properties that are available at a deeper discount.
Indeed, the median age of homes flipped was 37 years—the highest figure since Attom began collecting this data in 2000.
As for location, Memphis, Tennessee, had the highest home flipping rate as a percentage of all home sales at 11.7%. This was followed by Clarksville, also in Tennessee, and Visalia-Porterville in California’s San Joaquin Valley, which both had rates of 10.1%.
CLICK HERE TO READ MORE ABOUT U.S. REAL ESTATE:
Follow Mansion Global:Facebook | Twitter | Instagram | LinkedIn | Messenger
Write to us: email@example.com