Home Seller Profits Increase 36% In Q2
The latest ATTOM Data Solutions' 2020 U.S. Home Sales Report showed a gain of $75,971 on a typical sale for home sellers nationwide. This is up from $66,000 in Q1 2020 and up year over year by $65,250.
"The housing market across the United States pulled something of a high-wire act in the second quarter, surging forward despite the encroaching economic headwinds resulting from the Coronavirus pandemic. Profit margins hit new records as prices kept climbing, with few indications that the impact of the virus would topple the market," said Todd Teta, chief product officer at ATTOM Data Solutions. "No doubt, a lot of the ongoing prosperity resulted from gains seen before the pandemic started racing through the country in February and March. Indeed, there have been recent signs of prices flattening out or dropping across significant parts of the country, and the economic toll from the virus continues to be a major issue. But the second-quarter results showed continuing strength in most parts of the nation."
The ATTOM report also showed that profit margins climbed in 81 of the 104 U.S. metropolitan statistic areas. The biggest annual increase in profit margins came in Spokane, Washington (61.2% to 76%), followed by Columbus, Ohio (34% to 47%) and St. Louis, Missouri (19.9% to 31.4%).
The report found that home values are on the rise in most metro areas, despite the impact of the COVID-19 pandemic. Median home prices in Q2 2020 rose year-over-year in 93% of the 104 metros.
View the full breakdown of ATTOM's 2020 U.S. Home Sales Report.
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