Home-Seller Profits Drop Across America
According to ATTOM Data’s Q3 2022 U.S. Home Sales Report, profit margins on U.S. median-priced single-family home and condo sales decreased 54.6% as prices declined for the first time in nearly three years. In addition, ATTOM says the drop-off in profit margins came as the median national home value dropped 3% quarterly, to roughly $ 340k.
“Rapidly-rising mortgage rates have not only resulted in fewer home sales, but have begun to impact home prices as well…With rates the highest they’ve been in over 20 years, homebuyers face serious affordability challenges, with monthly payments in some markets up 50 percent year-over-year. It’s very likely that home prices will continue to weaken in many markets in the coming months.” Said Rick Sharga, executive vice president of market intelligence at ATTOM.