Homeowners who sold their residences in this year’s first quarter averaged a 44.2-percent profit, compared to 48.7 percent the quarter before, marking the third consecutive quarterly decline as well as a two-year low, according to ATTOM, a real estate data service.
Profits peaked at an average of 56.1 percent in 2022’s second quarter, ATTOM said.
Since then, the median home sale price has slipped 7 percent as mortgage rates have more than doubled over the past 12 months.
“Homeowners are starting to take a significant hit from the recent market slowdown, a striking reversal of what we saw for a decade,” Rob Barber, ATTOM’s CEO, said in a statement.
“Over the next few months, we can expect to gain clarity regarding whether the current market stagnation is a short-term aberration or more significant trend,” he added.