What were the hottest markets for house flipping in the third quarter of 2023?
According to ATTOM’s Q3 2023 U.S. Home Flipping Report, Akron, Ohio; Flint, Mich.; Canton, Ohio; Augusta, Ga.; and York, Pa., saw the largest year-over-year gains in profit margins for house flippers.
However, house-flipping isn’t what it once was: Only 72,543 single-family homes and condos in the U.S. were flipped in the third quarter. That’s down 7.9% compared with the second quarter and down 7.7% compared with the third quarter of 2022.
But as flipping rates declined, profit margins continued to improve. As per the report, investor returns increased for the third quarter in a row, rebounding from a slump that had slashed profit margins by nearly two-thirds from early-2021 to late-2022.
Also according to the report, margins, along with raw profits, rose to the highest levels since the middle of last year.
Photo: Phil Hearing