2024 – Page 13

HOME OWNERSHIP SLIGHTLY MORE AFFORDABLE ACROSS U.S. IN THIRD QUARTER BUT STILL DIFFICULT FOR AVERAGE WORKERS

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Major Home-Ownership Expenses Consume 34 Percent of National Average Wage; Portion Ticks Downward as Home-Price Spike Eases and Mortgage Rates Drop; Historical Affordability Also Inches Up While Remaining Weak ATTOM, a leading curator of land, property data, and real estate analytics, released its third-quarter 2024 U.S. Home Affordability Report showing that median-priced single-family homes and condos remain less affordable in the third quarter of 2024 compared to historical averages in 99 percent of counties around the nation with sufficient data to analyze. The latest trend continues a pattern, dating back to early 2022, of home ownership requiring historically large portions of wages as U.S. home prices keep reaching new highs. The report also shows that major expenses on median-priced homes currently consume 33.5 percent of the average national wage. That level marks a slight improvement over the second quarter of this year but remains virtually unchanged from a year ago – and still above the common 28 percent lending guideline. Despite small gains in both the historic and current affordability measures, the third-quarter figures represent ongoing markers of how home ownership remains a financial stretch for average workers around the nation. They come as the national median home price has spiked to $365,000 this quarter and mortgage rates, while declining, remain above 6 percent, helping to keep ownership expenses above what lenders prefer when issuing mortgages. The portion of average wages nationwide required for typical mortgage payments, property taxes and insurance still sits 12 points above a low point reached early in 2021, right before home-mortgage shot up from the lowest levels in decades. “Home affordability continues to show signs of easing, which lightens the pressure on house hunters struggling to find a place that fits their budget,” said Rob Barber, CEO for ATTOM. “The cost of owning a home across much of the nation remains a tough go for average workers, exceeding levels preferred by banks and other lenders. But it is at least tracking in the right direction. That’s mainly because of declining interest rates.” Barber added that last week’s half-point cut in the benchmark interest rate by the Federal Reserve “should brighten the prospects for buyers, as long as it doesn’t spike demand too much and lead to even higher prices amid the ongoing tight supply of homes for sale around the U.S.” The small shift toward better affordability this quarter comes amid a mix of forces generally, but not completely, working in favor of home buyers. On the downside for house hunters are home prices and property taxes that continue to rise across the country in 2024, helping to keep affordability at historical lows. At the same time, though, a steady decline in home-mortgage rates in 2024, from more than 7 percent down to close to 6 percent, is acting as a counterweight. In addition, the national median home has increased at a slower pace this quarter versus the prior three-months. The result over the Summer months has been a 3 percent decrease in the typical cost of major home-ownership expenses at a time when average wages have grown. That combination is pushing affordability back in a better direction for house hunters. While major expenses as a portion of wages is unchanged annually, it has declined for the second straight quarter. The report determined affordability for average wage earners by calculating the amount of income needed to meet major monthly home ownership expenses — including mortgage payments, property taxes and insurance — on a median-priced single-family home and condo, assuming a 20 percent down payment and a 28 percent maximum “front-end” debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the U.S. Bureau of Labor Statistics. Compared to historical levels, median home ownership costs in 575 of the 578 counties analyzed in the third quarter of 2024 are less affordable than in the past. That is mostly unchanged from both the second quarter of 2024 and the third quarter of 2023, when 574 of the same counties were historically unaffordable. Historic measures remain negative as the portion of average local wages consumed by major home-ownership expenses on typical homes are considered unaffordable during the third quarter of 2024 in about 80 percent of the 578 counties in the report, based on the 28 percent guideline. Counties with the largest populations that are unaffordable in the third quarter are Los Angeles County, CA; Cook County (Chicago), IL; Maricopa County (Phoenix), AZ; San Diego County, CA, and Orange County, CA (outside Los Angeles). The most populous of the counties with affordable levels of major expenses on median-priced homes during the third quarter of 2024 are Harris County (Houston), TX; Wayne County (Detroit), MI; Philadelphia County, PA; Cuyahoga County (Cleveland), OH, and Allegheny County (Pittsburgh), PA. View Q3 2024 U.S. Home Affordability Heat Map National median home price up quarterly and annually in majority of markets The national median price for single-family homes and condos has risen to $365,000 in the third quarter of 2024. The latest figure represents a 1.4 percent increase over the second quarter of this year and is 6.6 percent above the typical price in the third quarter of 2023, although the pace of increase has slowed compared. (Typical values shot up 7 percent from the first to the second quarter of this year). At the county level, median home prices have climbed from the second quarter to the third quarter of this year in 363, or 62.8 percent, of the 578 counties included in the report. Annually, they are up in 492, or 85.1 percent of those markets. Data was analyzed for counties with a population of at least 100,000 with sufficient data and at least 50 single-family home and condo sales in the third quarter of 2024. Among the 46 counties in the report with a population of at least 1 million, the biggest year-over-year increases in median prices during the third quarter of 2024 are in Wayne County (Detroit), MI (up 12.3 percent annually); Suffolk County (Long

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Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at August 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. Data as of Aug. 31, 2024 Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.34% Month-over-month change: -0.88% Year-over-year change: 5.11% Total U.S. foreclosure pre-sale inventory rate: 0.35% Month-over-month change: -0.85% Year-over-year change: -14.57% Total U.S. foreclosure starts: 27,000 Month-over-month change -8.61% Year-over-year change: -14.20% Monthly prepayment rate (SMM): 0.62% Month-over-month change: 4,67% Year-over-year change: 18.00% Foreclosure sales: 5,700 Month-over-month change: 2.58% Year-over-year change: – 18.09% Number of properties that are 30 or more days past due, but not in foreclosure: 1,801,000 Month-over-month change: -11,000 Year-over-year change: 117,000 Number of properties that are 90 or more days past due, but not in foreclosure: 450,000 Month-over-month change: 14,000 Year-over-year change: 2,000 Number of properties in foreclosure pre-sale inventory: 187,000 Month-over-month change: -1,000 Year-over-year change: -28,000 Number of properties that are 30 or more days past due or in foreclosure: 1,988,000 Month-over-month change: -12,000 Year-over-year change: 89,000 Top 5 States by Non-Current* Percentage Mississippi: 7.93% Louisiana: 7.87% Alabama: 5.61% Indiana: 5.30% West Virginia: 5.14% Bottom 5 States by Non-Current* Percentage California: 2.10% Montana: 2.04% Washington: 1.98% Idaho: 1.98% Colorado: 1.94% Top 5 States by 90+ Days Delinquent Percentage Mississippi: 2.10% Louisiana: 1.92% Alabama: 1.49% Arkansas: 1.30% Indiana: 1.18% Top 5 States by 12-Month Change in Non-Current* Percentage New York: -6.92% Hawaii: -6.04% Vermont: -5.10% Massachusetts: -4.39% Alaska: -3.30% Bottom 5 States by 12-Month Change in Non-Current* Percentage Arizona: 12.75% Nebraska: 12.12% Louisiana: 11.52% Tennessee: 10.22% South Dakota: 9.13% The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.icemortgagetechnology.com/resources/data-reports by Oct. 7, 2024. For more information about gaining access to ICE’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com. Source: Intercontinental Exchange

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During the last election cycle, the typical swing state renter household earned 21% less than they needed to afford the median priced apartment The typical renter household in a swing state earns an estimated $50,267 per year—$10,365 less than the $60,633 a renter must earn to afford rent for the median priced apartment in a swing state. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. In other words, the typical swing state renter household earns 17.1% less than they need to afford the typical apartment. That’s a sizable shortfall, but is an improvement from the last U.S. presidential election cycle, when the typical swing state renter household earned 20.6% less ($10,088 less, in dollar terms) than they needed. It’s also an improvement from last year, when the typical renter household earned 22.1% less ($13,552 less, in dollar terms) than they needed to afford the median priced apartment. Redfin’s report focuses on swing states because voters in those states will decide the winner of the 2024 presidential election, and housing affordability—or lack thereof—is a crucial issue on voters’ minds. Redfin considers this year’s swing states to be Arizona, Nevada, Wisconsin, Michigan, Pennsylvania, Georgia and North Carolina. Rental affordability in swing states has improved because incomes have been rising and rents have been sluggish. The pandemic homebuilding boom boosted apartment supply, putting downward pressure on rents. The $50,267 estimated median renter household income in swing states is up 5.4% from a year ago and up 29.3% from the last election cycle. Meanwhile, asking rents in swing states are down 1% from a year ago, and are up 23.8% from the last election cycle—increasing less than incomes. Still, many renters struggle to afford their monthly housing costs. “America’s swing state voters will decide the outcome of the next presidential election based on the candidates’ plans for tackling key issues including the housing affordability crisis,” said Redfin Chief Economist Daryl Fairweather. “While the economy has been improving on paper, that’s not what it feels like for a lot of U.S. families. Many renters—especially young people—still feel the rent is too damn high.” The typical swing state renter is “rent burdened”—meaning they spend more than 30% of their income on housing—but less so than before. A swing state renter making the median income would now need to spend 36.2% of their income to rent the median priced apartment, down from 38.5% last year and 37.8% during the prior election cycle. Swing State Rental Affordability Has Improved Most in Arizona The typical renter household in Arizona earns an estimated $57,961 per year—just 2.6% shy of the $59,520 they need to afford the median priced apartment. That compares with a 12.4% shortfall during the last election cycle. Arizona’s 9.7-percentage-point improvement in affordability is the largest of any swing state. The second largest improvement was in Nevada, where the typical income shortfall decreased to 6.5% from 11.8%. Next came North Carolina, Pennsylvania, Georgia and Wisconsin. Arizona experienced the largest improvement in rental affordability because it saw the largest increase in incomes and the smallest increase in rents. The estimated median income of renter households in Arizona ($57,961) has risen 32.2% since the last election, while the median asking rent ($1,488) has climbed 18.9%. Arizona’s asking rents have fallen 4.6% over the last year alone—the biggest decline of any swing state. Scores of people moved to the southwestern state during the pandemic, causing rents to surge, but prices have since come back down to earth as apartment supply increases and temporary pandemic residents move out. Swing state Income neededto affordtypical rental Median renterhouseholdincome(estimated) Incomeshortfall Change inincomeshortfall sincelast election Share of income typicalrenter household wouldneed to spend onmedian pricedapartment Medianaskingrent AZ $59,520 $57,961 2.6% -9.7 ppts 30.8% $1,488 GA $61,880 $51,474 16.8% -3.0 ppts 36.1% $1,547 MI $53,000 $44,353 16.3% 5.1 ppts 35.9% $1,325 NV $61,520 $57,547 6.5% -5.4 ppts 32.1% $1,538 NC $58,000 $48,621 16.2% -3.7 ppts 35.8% $1,450 PA $69,880 $49,168 29.6% -3.6 ppts 42.6% $1,747 WI $59,800 $50,358 15.8% -2.7 ppts 35.6% $1,495 Swing statesoverall $60,633 $50,267 17.1% -3.5 ppts 36.2% $1,516 Michigan Is Only Swing State Where Rental Affordability Has Worsened Since Last Election Michigan is the outlier in this dataset. It was the only swing state that saw rental affordability worsen. The typical renter household in Michigan earns 16.3% less than they need to afford the median priced apartment—worse than the 11.2% shortfall during the last election. That’s partly because asking rents in Michigan have jumped 12.4% over the last year—more than any other swing state. Rents have been rising in the Midwest, in part because it hasn’t been building as much housing as other regions, but also because it offers relatively affordable housing, which is fueling renter demand. Pennsylvania Renters Face the Worst Rental Affordability Problem The typical renter household in Pennsylvania earns an estimated $49,168 per year. That’s 29.6% less than a renter must earn to afford the median priced Pennsylvania apartment—the biggest shortfall of any swing state by far. Pennsylvania also had the largest shortfall during the last election cycle. This is because Pennsylvania has a higher median asking rent ($1,747) than any other swing state, while also having one of the lowest estimated median renter household incomes ($49,168). The typical renter household in Pennsylvania would now need to spend 42.6% of their income to rent the median priced apartment—a higher share than any other swing state, though down from both a year ago and the prior election. To view the full report, including charts and methodology please visit: https://www.redfin.com/news/swing-state-rental-affordability

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Most Affordable Markets Include Oklahoma City, Okla., Columbus, Ohio and Austin, Texas and Least Affordable Markets Include Miami, Los Angeles and New York Despite seasonally driven demand, rents across the U.S. dipped by $5 (or -0.3%) year-over-year and nationwide to a median rent of $1,753, according to the Realtor.com® August Rental Report. Although affordability improved as a top-level trend, affordability varies widely by metro area and did not improve everywhere. This month’s report looked at the rent burden across the U.S. and found the most affordable rental markets include Oklahoma City, Okla., Columbus, Ohio and Austin, Texas while the markets with the biggest rental burden include Miami, Los Angeles and New York. “One way to think about housing affordability is to use the 30% rule of thumb, where housing expenses including rent or mortgage, utilities and HOAs or other fees should not exceed more than 30% of your income,” said Danielle Hale, chief economist at Realtor.com®. “Amid easing rents and growing incomes, rental affordability improved in a majority of U.S. major metros compared to last year, and crucially, typical asking rent is less than 30% of the typical household income nationwide. Although this is great news for many renters, housing affordability is still a challenge as rents are still considerably higher than before the pandemic and still above the 30% threshold in six of the metros Realtor.com examined.” In August 2024, nationwide rent was more affordable than in the previous year. Renters earning the typical household income devoted 25.1% of their income to lease a typical for-rent home (vs. 25.9% in August 2023). As renting continues to be more affordable than buying in all major U.S metros, buying a typical starter home with 0-2 bedrooms in August 2024 required a devoted 38.5%* of a typical household income. Affordability of RentalsCompared to last August, the nation’s rental affordability has improved over the past year as rent prices have dipped and typical incomes have grown. As long as the trends of year-over-year rental declines and income growth persist, we can anticipate ongoing improvement in rental affordability over the course of the year. Rental Markets with the Lowest Rental Burden Oklahoma City, Okla., is the most affordable rental market in August 2024. Other top affordable rental markets are found in America’s heartland and include Columbus, Ohio, Austin, Texas, Minneapolis, Minn., and Kansas City, Kan. Rental Markets with a Rental Burden Above 30% of IncomeSix of the top 50 metros had a rent share higher than 30% relative to the median household income. Miami was the least affordable rental market in August 2024. Among these six markets, New York is the only area where the current rent share of income is higher than at this time last year, suggesting modest improvement in most of the areas where affordability is most lacking. Rental Markets with Most Improved Affordability Among the top 50 metros, 39 of them saw affordability improvement in August 2024 compared to a year ago. Metros that experienced the most pronounced improvements in affordability were notably clustered in the South, where rents have shown a consistent downward trend over the preceding months. The main factor behind improved affordability in the South is the increase in new rental supply which drives down rents. The most significant improvement was seen in Miami and Tampa, Fla., and San Diego, Calif. Despite this improvement, the proportion of monthly household income dedicated to rent in two of these three markets still exceeded the 30% threshold, indicating rental affordability remains an ongoing concern. Rental Markets with Most Deteriorated Affordability Affordability eroded most in more affordable Midwest markets such as St Louis, Mo., Cincinnati, Ohio and Minneapolis, Minn., which saw faster rent growth. In fact, median asking rents in these markets continue to rise in recent months, suggesting an ongoing surge in demand within these budget-friendly areas. National Trends National Rental Data – August 2024 Unit Size Median Rent Rent YoY Rent Change – 5 years Overall $1,753 -0.3 % 20.1 % Studio $1,455 -1.4 % 14.0 % 1-bed $1,632 -0.7 % 18.2 % 2-bed $1,941 -0.3 % 21.6 % SOURCE Realtor.com

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New data from Zillow Rentals identifies today’s most in-demand rental amenities Renters are rethinking what they want and need in a home, looking beyond buildings with traditional rental amenities in favor of those with features and services that better suit their lifestyle and budget. New research from Zillow Rentals® finds listings with a turfed pet area, coworking space or community happy hours are drawing more interest than listings with typical luxury amenities like a fitness center, pool and business center. “Renters are spending more money and more time in the rental market than ever before, making them more intentional about the spaces they choose,” said Emily McDonald, Zillow’s rental trends expert. “They are prioritizing practical amenities while also seeking community-focused perks like coworking spaces and social events. These features offer a balance of convenience and lifestyle enhancement, making renters more willing to invest in homes that cater to both their everyday needs and social lives.” A new Zillow® analysis of nearly 5.6 million rental listings, including apartment buildings and single-family houses, finds certain amenities contribute to more saves and shares per day when a home is listed on Zillow Rentals, the No. 1 most visited rental network. These metrics are a signal of demand, as renters who save a listing or share it with their shopping partner are more serious about a home. The higher the demand, the faster a unit or a house is likely to rent. It’s no surprise that the most in-demand amenities are off-street parking and in-unit laundry. Listings that mention off-street parking get 85% more saves and 103% more shares per day on Zillow Rentals. In-unit laundry helps a listing get 76% more daily saves and 92% more daily shares compared to similar units. Once those essentials are checked off, renters are looking for new perks. A pet-friendly patch of turf can boost daily saves by 76% and daily shares by 91% on Zillow Rentals. After all, previous Zillow research finds nearly three in five renters have a pet. Air filtration, popularized during the pandemic and increasingly important as more areas feel the impact of wildfire smoke, can help a rental get 72% more saves and 79% more shares per day. Communities that offer happy hours for tenants get 50% more daily saves and 67% more daily shares. On the flip side, buildings with the usual suite of luxury amenities might have to work harder to compete. Rentals that advertise a fitness center now get 26% fewer saves and 31% fewer shares per day compared to similar listings on Zillow Rentals. Pools contribute to 10% fewer daily saves and 13% fewer daily shares. Rentals with a business center get 24% fewer saves and 27% fewer shares per day on Zillow Rentals. Instead, renters are more interested in coworking spaces, which get 16% more saves and 23% more shares. “Renters today who are looking at higher-end rentals may expect a suite of amenities,” said McDonald. “Some features, such as a fitness center, don’t stand on their own, but are most often paired with other desirable amenities, such as a playground, or a tennis or sport court. Every renter will have their own priorities so it’s important for a property manager or landlord to list everything a unit has to offer.” Wow-factor features are still fueling engagement on Zillow Rentals, but today those amenities look different. Bowling alleys can contribute to 30% more saves and 37% more shares per day, and a putting green drives 25% more daily saves and 40% more daily shares. Modern farmhouse features like butcher block countertops and barn doors contribute to more than 55% additional saves (58% and 56% respectively) and about 70% more shares per day (69% and 72% respectively) compared to similar homes on Zillow Rentals. Renters may have more opportunities to nab a rental with all the amenities they’re looking for this fall. Zillow’s latest Rental Market Report finds a slew of new construction apartment buildings have hit the rental market following a pandemic-era building boom. That’s slowing down rent price growth nationally. Plus, more than one-third (34.3%) of all rental listings on Zillow offered a concession in August, such as free parking, to entice new tenants to move in. That is the highest share of concessions offered since March 2021. Top rental amenities Saves per day % increase Shares per day % increase Off-street parking 85 % 103 % In-unit laundry 76 % 92 % Turf (pet area) 76 % 91 % Air filtration 72 % 79 % Finished basement 72 % 112 % Butcher block (countertops) 58 % 69 % Barn door 56 % 72 % Reserved parking 52 % 51 % Modern farmhouse 51 % 61 % Happy hour 50 % 67 % SOURCE Zillow Group, Inc.

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Flipping Rate Follows Usual Springtime Downward Track While Profits Keep Moving Slowly Higher; Investment Returns Still Hovering Around Modest 30 Percent Level Nationwide; Typical Raw Flipping Profit Rises Close to $75,000 ATTOM, a leading curator of land, property data, and real estate analytics, released its second-quarter 2024 U.S. Home Flipping Report showing that 79,540 single-family homes and condominiums in the United States were flipped in the second quarter. Those transactions represented 7.5 percent, or one of every 13 home sales, nationwide during the months running from April through June of 2024. The latest portion of flipped properties was down from 8.7 percent of all sales in the U.S. during the first quarter of 2024 – a common pattern during the busy annual Springtime buying season each year when other types of home sales spike. The flipping rate also was down slightly from 7.9 percent a year earlier. While the rate declined, fortunes kept ticking upward for investors who buy, renovate and quickly resell homes. The latest data showed that investors typically earned a 30.4 percent profit nationwide before expenses on homes sold during the second quarter of this year, marking the fourth time in five quarters that margins increased following a six-year period of nearly continuous drop-offs. The typical profit margin on homes flipped during the second quarter of 2024 – based on the difference between the median purchase and median resale price for home flips – remained about 25 percentage points below peaks hit in 2016. It also stayed within a range that could easily be wiped out by carrying costs that include renovation expenses, mortgage payments and property taxes, revealing anew the struggles home flippers are having in turning healthy profits. But the return on investment was up slightly from both the first quarter of 2024 and from a low point over the past decade of about 25 percent in the first quarter of last year. Gross profits on typical flips around the country, meanwhile, increased to about $73,500. That remained down from a high of almost $81,000 reached in 2022, but up from $70,000 in the first quarter of 2024 and more than $12,000 above last year’s low point. “The Spring home-buying season of 2024 brought another sign of hope for home flippers that the rebound in fortunes that began for them last year was more than just a temporary thing,” said Rob Barber, CEO for ATTOM. “It’s not as if profits have shot through the roof and investors are riding a new wave of good times. Far from it, as they continue to struggle to benefit from the broader market boom. But the second-quarter numbers did show another step in the right direction.” He added that “with the market rising amid tight supplies of homes for sale around the country and falling interest rates, conditions appear ripe for more improvement over the rest of the year as long as prices don’t shoot up past what most buyers can afford.” The small changes in flipping activity and profit margins during the second quarter came during yet another period of mixed patterns for the home-flipping industry compared to the U.S. housing market. Overall, home prices rebounded strongly during the second quarter from a varied period of gains and losses during the prior 12-month period. Median prices for all single-family homes and condos nationwide rose 9 percent quarterly and 6 percent annually. But home-flipping resale prices rose far less, with the median inching up only 2 percent quarterly and annually to $315,000. Nevertheless, that was enough to boost flipping profit margins as investors benefitted, in small increments, from shifts in prices going in their favor between the time of purchase to resale. Those gaps led to the quarterly and yearly improvement in investment returns. The latest gains for home flippers extended their recovery from an unusual pattern of timing the housing market poorly, which resulted in their profits dropping from 2016 through 2022 while returns for other sellers soared. Home-flipping rates dip downward in most of U.S. Home flips as a portion of all home sales decreased from the first quarter of 2024 to the second quarter of 2024 in 159 of the 185 metropolitan statistical areas around the U.S. with enough data to analyze (85.9 percent). They went down annually in 115, or 62.2 percent, of those markets. Measured against the same peak buying period of 2023, most flipping rates declined less than one percentage point. (Metro areas were included if they had a population of 200,000 or more and at least 50 home flips in the second quarter of 2024). Among the metro areas analyzed, the largest flipping rates during the second quarter of 2024 were in Warner Robins, GA (flips comprised 20.7 percent of all home sales); Macon, GA (15.4 percent); Atlanta, GA (13.4 percent); Columbus, GA (13.2 percent) and Memphis, TN (12.8 percent). Q2 2024 U.S. Home Flipping Historical Trends Aside from Atlanta and Memphis, the highest second-quarter flipping rates among metro areas with a population of more than 1 million were in Birmingham, AL (11.7 percent); Cleveland, OH (11 percent) and Columbus, OH (10.7 percent). The smallest home-flipping rates were in Hilo, HI (3.3 percent); Honolulu, HI (3.5 percent); Seattle, WA (4 percent); San Jose, CA (4.1 percent) and Portland, OR (4.2 percent). Typical home-flipping returns up year over year in slightly more than half of U.S. The median $315,000 resale price of homes flipped nationwide in the second quarter of 2024 generated a gross profit of $73,492 above the median investor purchase price of $241,508. That resulted in a typical 30.4 percent gross profit margin before expenses in the second quarter of 2024, up about one point from 29.2 percent in the first quarter of 2024 and up from 27.8 percent in the second quarter of last year. But the latest nationwide figure still remained far beneath the 56.3 percent level in mid-2016 and from a more recent peak of 48.8 percent in 2020. . Profit margins increased from the first to the second