The past couple of years have been good to home sellers. A historically low number of homes for sale combined with elevated demand from buyers made conditions perfect to sell a home quickly and for a great price. But this year, things have been changing. The housing market has begun to cool. The number of homes for sale has started to rise while buyer demand has slowed.
So is it still a good time to sell a home? Well, according to new numbers from ATTOM Data Solutions it is. Their quarterly 2022 U.S. Home Sales Report found profit margins on median-priced single-family homes hit another record high during the second quarter. In fact, the typical home sold during the second quarter generated a profit of $123,869, that's up from $103,750 during the first quarter and $90,000 last year at the same time.
Rick Sharga, ATTOM's executive vice president of market intelligence, says it's still a good time to sell. “Home sellers in the second quarter continued to benefit from the rapid growth in home price appreciation the country has experienced over the past few years,” Sharga said. “While price growth may slow down as higher mortgage rates dampen demand from prospective home buyers, home sellers should continue to profit from the record $27 trillion in homeowner equity in today's market.”
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