Overview

• Investors flipped 78,621 homes in the second quarter, equal to 7.4% of sales, down from 8.3% in the first quarter and slightly below 7.5% a year earlier.
• Median gross profit declined to $65,300 as the median purchase price hit a record $259,700 and the median resale price held at $325,000.
• Margins tightened across most markets, with quarterly declines in 58% of metros and annual declines in 70%, including sharp drops in Fort Smith and Green Bay.
• Georgia recorded some of the highest flipping concentrations, led by Warner Robins, Macon, Atlanta and Columbus, with 13 of the top 20 counties also in the state.
• Cash financed 62.6% of flips, the median hold time ticked up to 165 days, and FHA-backed buyers made up 11.2% of resales.