REPEAT: US Q2 2017 Home Sales Avg Profit High Since Q207

Repeats Story Initially Transmitted at 04:01 GMT Jul 27/00:01 EST Jul 27

By Vicki Schmelzer

     NEW YORK (MNI)   - Homeowners selling properties in Q2 2017 realized an

average price gain of $51,000 since purchase, a ten-year high, according to a

U.S. Home Sales report released Thursday by ATTOM Data Solutions.

     This was the highest average price gain for home sellers since Q2 2007,

when the profit was $57,000, the ATTOM report said. 

     "The average home seller price gain of $51,000 in Q2 2017 represented an

average return of 26% on the previous purchase price of the home, the highest

average home seller return since Q3 2007, when it was 27%," the report said. 

     The highest average home seller returns were seen in Northern California,

Seattle and Denver, with returns ranging from 62% (Denver, CA and Modesto, CA)

to 75% (San Jose, CA).

     All-cash sales for single family and condo sales were down on the quarter,

28.9% versus 31.3% in Q1, but up from 27.3% of sales in Q2 2016 - "the first

annual increase in the share of cash sales since Q1 2013," ATTOM said. 

     In other good news for the U.S. economy, distressed sale share fell to its

lowest level since Q3 2017, the report said. 

     "Total distressed sales - bank-owned (REO) sales, third-party foreclosure

auction sales, and short sales  - accounted for 13.4% of all single family and

condo sales in Q2 2017, down from 17.1% in the first quarter and down from 15.2%

in Q2 2016 to the lowest level since Q3 2007," the report said.

     In addition, "sales to FHA buyers (typically first time homebuyers or other

buyers with a low down payment) represented 14.3% of all U.S. single family and

condo sales in Q2 2017, down from 14.4% of all sales in the first quarter and

down from 16.0% in Q2 2016 to the lowest level since Q1 2015," ATTOM noted.

     ATTOM Data Methodology: "The ATTOM Data Solutions U.S. Home Sales Report

provides percentages of distressed sales and all sales that are sold to

investors, institutional investors and cash buyers, a state and metropolitan

statistical area. Data is also available at the county and zip code level upon

request. The data is derived from recorded sales deeds, foreclosure filings and

loan data. Statistics for previous quarters are revised when each new report is

issued as more deed data becomes available."

--MNI New York Bureau; tel: +1 212-669-6438; email: vicki.schmelzer@marketnews.com