According to the Q2 2017 U.S. Home Sales Report from ATTOM Data Solutions, homeowners who sold their homes in the second quarter saw an average price gain of $51,000 since their purchase. This is the highest price gain for sellers in the past decade.
This represented an average return of 26 percent since the previous purchase price of the home, which is the highest since Q3 2007 when it was 27 percent.
The report also found that homeowners who sold in the second quarter owned their homes for an average of 8.05, which is up from 7.85 in Q1 2017 and 7.59 a year ago in Q2 2016. This is also the longest average homeownership tenure since 2000.
In the Houston-The Woodlands-Sugar Land MSA, home sellers in Q2 saw an average price gain of $42,180 with a 28.9 percent return since purchase.
All cash sales increase for the first time since 2013
According to the report, all-cash sales represented 28.9 percent of single family and condo sales, which is down from 31.3 percent in the first quarter, but up from 27.3 percent last year. This is the first year-over-year increase in cash sales since Q1 2013.
“Potential home sellers in today’s market are caught in a Catch-22. 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,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “And the market is becoming even more competitive, with the share of cash buyers in the second quarter increasing annually for the first time in four years.”