ATTOM: U.S. home sellers realized gain of $67.1K in 1Q2020
IRVINE, Calif. – Home sellers nationwide realized a home price gain of $67,100 on the typical sale in 1Q2020, up from $59,000 this time last year, according to ATTOM Data Solutions.
That typical profit represented a 33.7 percent return on investment compared with the original purchase price, down from the post-recession high of 34.4 percent in 4Q2019 but up from 32.8 percent a year ago.
The median price for single-family homes and condominiums rose to a new high of $265,900 last quarter, up 2.9 percent quarterly and 11.3 percent year over year. This is the largest annual increase since 3Q2013.
“It is extremely important to note that the latest momentum is likely to hit a wall and reverse because of the drastic economic slowdown caused by the coronavirus pandemic, said ATTOM Chief Product Officer Todd Teta.
Homeowners who sold in 1Q2020 had owned their homes an average of 8.01 years, down slightly from 8.04 years in the previous quarter but up from 7.72 years in 1Q2019.
According to ATTOM, buyers using Federal Housing Administration (FHA) loans accounted for 12.3 percent of all single-family home and condo purchases. The highest level of FHA buyers in 1Q2020 was in McAllen, where it accounted for 28.9 percent of sales. Corpus Christi had the fifth-highest proportion of FHA sales at 25.9 percent.
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