The profit being realized by those selling their homes rose again in the first quarter of 2020. ATTOM Data Solutions Home Sales Report shows that typical home sales in Q1 generated a profit of $70,050 for sellers. While this is down from the $75,750 realized in the last quarter, it remains a staggering 26 percent higher from the $55,750 compared to Q1 2020.
The small dip in profits from the end of 2020 is being attributed to a common seasonal decline as home buying slows during the winter months.
“The market did take a break from rising prices in the first quarter of 2021, and while that’s not unusual for the beginning of the year, it’s definitely something to keep an eye on as we move into the Spring buying season,” said Todd Teta, chief product officer for ATTOM. “The next few months will speak huge volumes about whether the market keeps barreling ahead.”
Meanwhile, profits from home sales remain at their second highest point since the end of the Great Recession in 2012.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.