Home seller profits notch new high
Home sellers are raking in the dough. According to new data, average seller returns have hit 34.5 percent — their highest point since the Great Recession.Verify your new rate (Jul 11th, 2020)
Home sellers bring in the bacon
According to a report from ATTOM Data Solutions, the average home seller made a profit of 34.5 percent last quarter — or $68,686. That’s up from 34.3 percent and $63,750 a year ago and is the highest profit margin since the housing crash.
Seller profits are highest in San Jose, California, where the average seller saw returns of 82.2 percent last quarter.
The other top cities for sales profits were also on the West Coast, including San Francisco (72 percent), Seattle (64.9 percent), Salem, Oregon (60.6 percent), and Salt Lake City (59.6 percent).
According to Todd Teta chief product officer at ATTOM, Q3 was “the strongest in four years.”
“That all happened as mortgage rates sank back to near-historic lows, which clearly powered the market upward along with stock market surges and a continued strong economy,” Teta said. “There had been signs before the latest surge of a cooling market, but they seem to have diminished, at least for now.”
Homeowners are staying put
The same report also shows homeowner tenure hitting its highest point ever. According to ATTOM, the average owner stays in their home a whopping 8.19 years. That’s up from 7.94 years in 2018 and more than double the tenure seen in the early 2000s.
Homeowners tend to stay the longest in Hartford, Connecticut, where the average owner stays put nearly 12.5 years.
San Jose, San Francisco, Boston, and Providence, Rhode Island also claim average homeownership tenure of 10 years or more.Verify your new rate (Jul 11th, 2020)
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