ATTOM Data Solutions today released its second quarter 2017 U.S. Home Sales Report, which reveals homeowners who sold their homes in the second quarter realized an average price gain of $51,000 since purchase, the highest average price gain since 2007.
The average price gain of $51,000 represents an average return of 26 percent on the previous purchase price of the home, the highest average home seller return since third quarter 2007.
The report also finds that homeowners who sold in the second quarter had owned an average of 8.05 years, up from 7.85 years in the previous quarter and up from 7.59 years in second quarter 2016, creating the longest average homeownership tenure as far back as data is available, first quarter 2000.
“Potential home sellers in today’s market are caught in a catch-22,” says Daren Blomquist, senior vice president of ATTOM Data Solutions. “While it’s the most profitable time to sell in a decade, it’s also extremely difficult to find another home to purchase, which is helping to keep homeowners in their homes longer before selling.”
Other key findings of the report include:
- Cash sales increase annually for first time since first quarter 2013
- Institutional investor sales share down nationwide, up in 26 percent of local markets
- Highest average home seller returns in Northern California, Seattle, and Denver: San Jose (75 percent), San Francisco (65 percent), Seattle (63 percent), Modesto (62 percent), and Denver (62 percent)
- Average homeownership tenure down in Detroit, Chicago, Dallas, Philadelphia, and Washington, D.C.
- Distressed sale share drops to lowest level since third quarter 2007
Irvine-based ATTOM Data Solutions is the curator of the nation’s largest multi-sourced property database. The full report and report methodology can be found here.