Home Sale Profits Decline as Home Prices FallBy RISMedia Staff
Home selling profits continued to decline due to a decrease in the median nationwide home price, according to the latest data from ATTOM.
ATTOM’s Home Sales Report for Q1 2024 saw profit margins on median-priced single-family home and condo sales decrease to 55.3%—the smallest level in more than two years. This reading was down from 57.1% in Q4 2023 and from 56.5% a year ago As mentioned, the decrease is attributed by ATTOM to a drop in the median nationwide home price, which went down quarterly by 4.3% to $330,000. Key highlights:
“The latest price and profit numbers show notably downward trends, which raises new questions about whether the housing-market boom is indeed ebbing, or even ending, after so many years of improvement,” said Rob Barber, CEO for ATTOM. “But due caution is needed in looking at the first-quarter data and what the patterns mean. We saw a similar downward pattern from late 2022 into early 2023, and then the market surged. Plus, profits and profit margins still are very high by historical measures. Amid all that, the Spring buying season will be a huge barometer for whether the market still has steam in its engine.” For the full report, including specific data on the metro areas tracked, click here. |
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