ATTOM’s Q2 2017 U.S. Home Sales Report found that homeowners who sold in the second quarter realized an average price gain of $51,000. That’s the highest average price gain for home sellers since the second quarter of 2007, when it was $57,000.
The report also found that second-quarter sellers had owned an average of 8.05 years, up from 7.85 years in the previous quarter and up from 7.59 years a year ago.
“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,” ATTOM Senior Vice President Daren Blomquist said in a release.
“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,” Blomquist added.
The report found that all-cash sales represented 28.9 percent of all single family and condo sales during the second quarter, down from 31.3 percent of all sales in the first quarter, but up from 27.3 percent one year ago.
The metropolitan statistical areas with the highest average price gains in the second quarter were San Jose, Calif. (75 percent); San Francisco (65 percent); Seattle (63 percent); Modesto, Calif. (62 percent); and Denver (62 percent).