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Data & Analytics

Home Affordability Worsens Again in Q4

Major Home-Ownership Expenses Consume 34% of National Average Wage by ATTOM Staff ATTOM released its fourth-quarter 2024 U.S. Home Affordability Report showing that median-priced single-family homes and condos remain less affordable in the fourth quarter of 2024 compared to historical averages in 98% of counties around the nation with enough data to analyze. The latest trend continues a three-year pattern of home ownership requiring historically large portions of wages as U.S. home prices keep reaching new heights. The report also shows that major expenses on median-priced homes currently consume 34% of the average national wage. That level marks an increase of more than one percentage point both quarterly and annually, pushing the figure even farther above the common 28% lending guideline preferred by lenders. The downturns in current and historic affordability represent the latest measures of how home ownership remains a financial stretch for average workers around the nation. They come as the national median home price has climbed to $364,750 this quarter and mortgage rates, while declining, remain over 6%. Combined, those forces are helping to keep the ratio of ownership expenses to wages in the unaffordable range. Fourth-quarter trends also have reversed a slight improvement during the third quarter of this year that had signaled a possible step in the right direction for homeowners. The portion of average wages nationwide required for typical mortgage payments, property taxes and insurance now stands almost 13 points beyond a low point reached early in 2021, right before home-mortgage interest rates shot up from the lowest levels in decades. “The U.S. housing market continues to generate great profits for most home sellers but also more and more financial stress for would-be buyers. Average workers now must shell out a larger portion of their wages for major home-ownership expenses than at any time since right before the housing market tanked in the late 2000s,” said Rob Barber, CEO for ATTOM. “Despite recent declines in mortgage rates, down payments on typical home purchases have reached four times the average national wage.” He added that “at some point, something’s got to give, or a growing number of buyers will have no choice but to toss in the towel and wait for home ownership to become more affordable. But we clearly are not there yet.” The latest numbers reflect yet another period when year-over-year changes in major expenses on typical single-family homes and condos have outrun changes in average wages around the country. Expense totals have either grown faster or declined less than wages during 14 of the last 15 quarters dating back to late 2020, pushing affordability in the wrong direction for house hunters. Compared to historical levels, median home ownership costs in 556 of the 566 counties analyzed in the fourth quarter of 2024 are less affordable than in the past. That is virtually unchanged from both the third quarter of 2024 and the fourth quarter of 2023. NATIONAL MEDIAN HOME PRICE UP QUARTERLY AND ANNUALLY The national median price for single-family homes and condos has risen to a record high of $364,750 in the fourth quarter of 2024. The latest figure represents a 2.1% increase over the third quarter of this year and is 11.4% above the typical price in the fourth quarter of 2023. At the county level, the pattern is more varied. Median home prices have increased since the fourth quarter of last year in 503, or 88.9%, of the 566 counties included in the report. Quarterly, however, typical values have risen in only 210, or 37.1% of those markets. That is a sign that the latest jump in national median price may be driven more by larger numbers of sales in markets with bigger increases. EXPENSES CONSUMING LARGER PORTION OF WAGES Despite falling mortgage rates in recent months, the portion of average local wages consumed by major expenses on median-priced single-family homes and condos has risen quarterly in 357, or 63.1%, of the 566 counties analyzed, although it is still down annually in slightly more than half. Nationwide, the typical $2,092 cost of mortgage payments, homeowner insurance, mortgage insurance and property taxes is up 4.6% quarterly and 6.1% annually to a new all-time high. That has outpaced the 1% quarterly and 3.1 annual gains in the average national wage. The latest expense total commonly consumes 34 percent of the average annual national wage of $73,918. That is up from 32.5% in the third quarter of 2024 and from 32.7% in the fourth quarter of last year. The current level is nearly 13 percentage points more than a recent low point of 21.3% hit in the first quarter of 2021. The cost-to-wage ratio exceeds the 28% lending guideline in 436, or 77%, of the counties analyzed, assuming a 20% down payment. That percentage is unchanged from the third quarter of 2024, based on the same group of counties, but is up slightly from 75.4% a year ago. It is far above the 31% figure recorded in early 2021. In about one-third the markets analyzed around the U.S., major expenses consume at least 43% of average local wages, a benchmark considered seriously unaffordable. HOME OWNERSHIP STILL UNAFFORDABLE BY HISTORICAL STANDARDS Home ownership is less affordable in the fourth quarter of 2024 compared to historic averages in 98.2% of the 566 counties analyzed. That is about the same as the level in both the third quarter of 2024 and the fourth quarter of last year, but more than 20 times higher than the 4.6% portion in the first quarter of 2021. Historical indexes have worsened quarterly, mostly by small amounts, in about two-thirds of the counties reviewed. That had dropped the nationwide index to its lowest point since 2007. Counties with a population of at least 1 million that are less affordable than their historic averages (indexes of less than 100 are considered historically less affordable) include:  »            Wayne County (Detroit), MI (index of 61)  »            Fulton County (Atlanta), GA (65)  »            Mecklenburg County (Charlotte), NC (65)  »            Broward County (Fort Lauderdale),

Data & Analytics

Home Seller Profit Margins Drop Slightly in Q3

Typical Margin at 56% as Median Home Price Levels Out by ATTOM Team ATTOM, a leading curator of land, property data, and real estate analytics, released its third-quarter 2024 U.S. Home Sales Report, which shows that homeowners earned a 55.6% profit margin on typical single-family home and condo sales in the United States during the third quarter. That figure was down by small amounts both quarterly and annually, dipping by one percentage point from the second quarter of 2024 and two points from the third quarter of last year. The nationwide investment return ticked downward as home-price spikes that had buoyed the housing market during the Spring of this year flattened out, leaving the U.S. median home value virtually unchanged at about $360,000. While home-seller profits remain historically high, the national margin has declined almost every quarter from a 64% peak hit in 2022. The leveling off of prices during the third quarter also led to typical raw profits for sellers staying about the same, near an all-time high of just under $130,000. “The latest price and profit numbers provided another round of generally good news for homeowners, tempered by a bit of a downside,” said Rob Barber, CEO for ATTOM. “Home values remained at or near record levels around large swaths of the country, keeping seller profits far above historical levels. At the same time, though, the housing market settled down after a big second quarter, which extended a slow fallback in profit margins that started last year. If history is a good guide, the fourth quarter is likely to bring more of the same as the peak buying season ends.” He added that “this is far from a warning sign that the long market boom is ending. But there certainly are forces that could cut either way, especially as affordability remains a challenge for so many potential buyers.” Profit margins slip quarterly in half of U.S. Typical profit margins — the percent difference between median purchase and resale prices — stayed the same or decreased from the second quarter of 2024 to the third quarter of 2024 in 79 (50.6%) of the 156 metropolitan statistical areas around the U.S. with sufficient data to analyze. They were down annually in 112, or 71.8%, of those metros, and down in about the same portion since the second quarter of 2022, when the nationwide return on median-priced home sales peaked at 64.3%. Profit margins have softened over the past year throughout all price segments of the market, from metro areas where home values mostly sit below $250,000 to those where they top $450,000. But the low end of the market has fared a bit better. Typical margins decreased annually in about 60% of the least expensive metro areas compared to about 75% elsewhere. The biggest year-over-year decreases in typical profit margins during the third quarter of 2024 came in the metro areas of:  »            San Francisco, CA (margin down from 84.9% in the third quarter of 2023 to 61.4% in the third quarter of 2024)  »            Punta Gorda, FL (down from 94.1% to 74.4%)  »            Scranton, PA (down from 88.2% to 69.6%)  »            South Bend, IN (down from 77.3% to 59.2%)  »            Hilo, HI (down from 86.5% to 70.5%) Aside from San Francisco, the biggest annual profit-margin decreases in metro areas with a population of at least 1 million in the third quarter of 2024 were in:  »            Austin, TX (typical return down from 44.3% to 33.3%)  »            Honolulu, HI (down from 53.9% to 43.3%)  »            Riverside, CA (down from 78.6% to 69%)  »            Birmingham, AL (down from 52.1% to 42.7%) The biggest annual improvements in returns on investment came in:  »            Trenton, NJ (margin up from 65.5% in the third quarter of 2023 to 87.4% in the third quarter of 2024)  »            Albany, NY (up from 31.8% to 51.6%)  »            Rockford, IL (up from 54.5% to 70.2%)  »            Rochester, NY (up from 66.7% to 81.2%)  »            Evansville, IN (up from 47.2% to 61.7%) Two-thirds of metro markets show returns above 50% Despite the downward trend, returns on investment for median-priced home sales during the third quarter of 2024 still surpassed 50% in 107 of the metro areas analyzed (68.6%). That was down from three quarters of those areas in the third quarter of last year but far above the level of 13% five years ago. The leaders among areas with a population of at least 1 million in the third quarter of this year were:  »            San Jose, CA (typical return of 109.8%)  »            Seattle, WA (90.3%)  »            Providence, RI (84.6%)  »            Miami, FL (83.9%)  »            Grand Rapids, MI (81.9%) The lowest among areas with a population of at least 1 million were in:  »            New Orleans, LA (24.8%)  »            San Antonio, TX (25.1%)  »            Austin, TX (33.3%)  »            Houston, TX (37.3%)  »            Dallas, TX (37.4%) Raw profits remain near record level The raw profit on median-priced home sales nationwide, measured in dollars, slipped 0.9% during the months running from July through September of this year, to $128,700. But it was still up 2.7% from the third quarter of 2023 and remained near the record of $135,000 hit in 2022. Typical raw profits were flat or down quarterly in 74, or 47.4%, of the markets analyzed. Despite the nationwide year-over-year gain, raw profits were the same or down annually in 82, or 52.6% of those metro areas. The biggest year-over-year increases in raw profits on typical sales among metro areas with a population of at least 1 million were in:  »            Rochester, NY (up 24.4%)  »            Cleveland, OH (up 23.5%)  »            Providence, RI (up 18.9%)  »            Chicago, IL (up 18.8%)  »            Cincinnati, OH (up 15%) National median home value stalls in Summer of 2024 Nationwide, the median price of single-family homes and condos rose from the second to the third quarter of 2024 by just 0.2% after spiking 7.4% in the Spring. But it still hit a new record of $360,500, up from $359,900 in the prior three-month period.

Data & Analytics

Home Flipping Activity Dips Slightly

Profits Inch Up Across U.S. in Second Quarter of 2024 by ATTOM Team 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%, 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% 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 was also down slightly from 7.9% 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% 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% 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% quarterly and 6% annually. But home-flipping resale prices rose far less, with the median inching up only 2% 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 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%). They went down annually in 115, or 62.2%, 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% of all home sales)  »         Macon, GA (15.4%)  »         Atlanta, GA (13.4%)  »         Columbus, GA (13.2%)  »         Memphis, TN (12.8%) 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%)  »         Cleveland, OH (11%)  »         Columbus, OH (10.7%) The smallest home-flipping rates were in:  »         Hilo, HI (3.3%)  »         Honolulu, HI (3.5%)  »         Seattle, WA (4%)  »         San Jose, CA (4.1%)  »         Portland, OR (4.2%) Typical Home-Flipping Returns up Y-O-Y 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% gross profit margin before expenses in the second quarter of 2024, up about one point from 29.2% in the first quarter of 2024 and up from 27.8% in the second quarter of last year. But the latest nationwide figure still remained far beneath the 56.3% level in mid-2016 and from a more recent peak of 48.8% in 2020. Profit margins increased from the first to the second quarter of this year in 93 of the 185 metro areas analyzed (50.3%) and were up annually in 107 of those markets (57.8%). Metro areas with the biggest year-over-year increases in typical profit margins during the second quarter were:  »         Akron, OH (ROI up from 30.9% in the second quarter of 2023 to 78.1% in the

Data & Analytics

U.S. Foreclosure Activity Sees a Monthly Increase in July 2024

Foreclosure Starts Increase 18%; Completed Foreclosures Increase 14% By ATTOM Team ATTOM, a leading curator of land, property, and real estate data, released its July 2024 U.S. Foreclosure Market Report, which shows there were a total of 31,929 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 15% from a month ago and up slightly by .2% from a year ago. “July’s foreclosure activity reflects a slight shift in the housing market,” said Rob Barber, CEO at ATTOM. “With an 18% increase in foreclosure starts and a 14% rise in completed foreclosures from last month, these shifts may highlight growing pressures in certain areas. However soaring home prices seem to continue and have spiked the value of homes across the nation, which boosts equity for homeowners at virtually every stage of paying off mortgages. Monitoring these next few months will help us better understand the implications for the real estate sector.” Delaware, Nevada, and Utah post highest foreclosure rates Nationwide, one in every 4,414 housing units had a foreclosure filing in July 2024. States with the highest foreclosure rates were:  »         Delaware (one in every 2,214 housing units with a foreclosure filing)  »         Nevada (one in every 2,245 housing units)  »         Utah (one in every 2,289 housing units)  »         New Jersey (one in every 2,607 housing units)  »         Illinois (one in every 2,660 housing units) Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in July 2024 were:  »         Provo-Orem, UT (one in every 940 housing units with a foreclosure filing)  »         Macon, GA (one in every 1,167 housing units)  »         Columbia, SC (one in every 1,587 housing units)  »         Spartanburg, SC (one in every 1,895 housing units)  »         Atlantic City-Hammonton, NJ (one in every 1,910 housing units) Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in July 20244 were:  »         Las Vegas, NV (one in every 2,089 housing units)  »         Philadelphia, PA (one in every 2,197 housing units)  »         Jacksonville, FL (one in every 2,274 housing units)  »         Chicago, IL (one in every 2,279 housing units)  »         Riverside, CA (one in every 2,556 housing units) Greatest numbers of foreclosure starts in California, Florida, and Texas Lenders started the foreclosure process on 21,870 U.S. properties in July 2024, up 18% from last month and up 4% from a year ago. States that had the greatest number of foreclosure starts in July 2024 included:  »         California (2,342 foreclosure starts)  »         Florida (2,339 foreclosure starts)  »         Texas (2,222 foreclosure starts)  »         Illinois (1,221 foreclosure starts)  »         New York (1,145 foreclosure starts) Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in July 2024 included:  »         New York, NY (1,286 foreclosure starts)  »         Chicago, IL (1,555 foreclosure starts)  »         Philadelphia, PA (782 foreclosure starts)  »         Miami, FL (758 foreclosure starts)  »         Los Angeles, CA (689 foreclosure starts) Foreclosure completion numbers increase from last month Lenders repossessed 3,282 U.S. properties through completed foreclosures (REOs) in July 2024, up 14% from last month and down 2% from last year. States that had the greatest number of REOs in July 2024, included:  »         New York (377 REOs)  »         California (370 REOs)  »         Illinois (221 REOs)  »         Pennsylvania (219 REOs)  »         Michigan (212 REOs) Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in July 2024 included:  »         New York, NY (271 REOs)  »         Chicago, IL (136 REOs)  »         San Francisco, CA (104 REOs)  »         Detroit, MI (100 REOs)  »         Los Angeles (97 REOs)

Data & Analytics

Foreclosure Activity in First Half of 2024 Down from Previous Year

Foreclosure Starts Decrease 3.5 Percent in First Six Months of 2024 By ATTOM Team ATTOM, a leading curator of land, property and real estate data, released its Midyear 2024 U.S. Foreclosure Market Report, which shows there were a total of 177,431 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2024. That figure is down 4.4% from the same time period a year ago but up 7.8% from the same time period two years ago. “In contrast to the first half of 2023, foreclosure activity across the United States experienced a decline in the first half of 2024,” stated Rob Barber, CEO for ATTOM. “In addition, U.S. foreclosure starts also decreased by 3% in the first six months of 2024. These shifts could suggest a potential stabilization in the housing market; however, monitoring these evolving patterns remains crucial to understanding the full impact on the real estate sector.” States that saw the greatest increases in foreclosure activity compared to a year ago in the first half of 2024 included:  »             South Dakota (up 93%)  »             North Dakota (up 86%)  »             Kentucky (up 73%)  »             Massachusetts (up 46%)  »             Idaho (up 30%). States with highest foreclosure rates Nationwide, 0.13% of all housing units (one in every 794) had a foreclosure filing in the first half of 2024. States with the highest foreclosure rates in the first half of 2024 were:  »             New Jersey (0.21% of housing units with a foreclosure filing)  »             Illinois (0.21%)  »             Florida (0.20%)  »             Nevada (0.19%)  »             South Carolina (0.19%) Other states with first-half foreclosure rates among the 10 highest nationwide were:  »             Maryland (0.19%)  »             Connecticut (0.19%)  »             Delaware (0.18%)  »             Ohio (0.18%)  »             Indiana (0.16%) Metros with highest foreclosure rates Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in the first half of 2024 were:  »             Lakeland, Florida (0.32% of housing units with foreclosure filings)  »             Columbia, South Carolina (0.31%)  »             Atlantic City, New Jersey (0.28%)  »             Cleveland, Ohio (0.27%)  »             Spartanburg, South Carolina (0.27%) Other major metro areas with foreclosure rates ranking among the top 10 highest in the first half of 2024 were:  »             Jacksonville, Florida (0.25% of housing units with a foreclosure filing)  »             Bakersfield, California (0.25%)  »             Elkhart, Indiana (0.24%)  »             Orlando, Florida (0.24%)  »             Chicago, Illinois (0.24%) Foreclosure starts down 3.5% from last year A total of 130,369 U.S. properties started the foreclosure process in the first six months of 2024, down 3.5% from the first half of last year and down 32% from the first half of 2020. States that saw the greatest number of foreclosures starts in the first half of 2024 included:  »             Texas (15,375 foreclosure starts)  »             Florida (15,251 foreclosure starts)  »             California (14,964 foreclosure starts)  »             New York (7,523 foreclosure starts)  »             Illinois (7,240 foreclosure starts) Bank repossessions decline in first half of 2024 from last year Lenders foreclosed (REO) on a total of 18,726 U.S. properties in the first six months of 2024, down 17% from the first half of 2023 and down 10% from the first half of 2022, but up 92% from the first half of 2021. States that posted the greatest number of REOs in the first half of 2024 included:  »             California (1,575 REOs)  »             Pennsylvania (1,568 REOs)  »             Illinois (1,540 REOs)  »             Michigan (1,432 REOs)  »             Texas (1,197 REOs) Average time to foreclose increases for second quarter in a row Properties foreclosed in Q2 2024 had been in the foreclosure process an average of 815 days. That figure was up 11% from the previous quarter and down 33% from Q2 2023. View the full report at: https://www.attomdata.com/news/most-recent/mid-year-2024-foreclosure-market-report/

Data & Analytics

Home Flipping Activity and Profits Both Rise in Q1 2024

Investment Returns Still Low but Reach 30% Nationwide By ATTOM Team ATTOM, a leading curator of land, property and real estate data, released its first-quarter 2024 U.S. Home Flipping Report showing that 67,817 single-family homes and condominiums in the United States were flipped in the first quarter. Those transactions represented 8.7%, or one of every 12 home sales nationwide, during the months running from January through March of 2024. The latest portion was up from 7.7% of all home sales in the U.S. during the fourth quarter of 2023 — the second straight quarterly gain. While the portion was still down from 9.8% in the first quarter of last year. As flipping rates went up, fortunes kept improving for investors who buy and quickly resell homes. The latest data showed that home flippers typically earned a 30.2% gross profit nationwide before expenses on homes sold during the first quarter of this year, marking the third time in four quarters that margins increased following a six-year period of mostly uninterrupted declines. The typical first-quarter profit margin — 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. But it was up from both the fourth quarter of 2023 and from a low point over the past decade of about 25% in the first quarter of last year. Gross profits on typical flips around the country, meanwhile, increased to $72,375. That remained down from a high of about $80,000 reached in 2022. But it was up from $65,000 in the fourth quarter of 2023 and was about $10,000 above last year’s low point. “The latest numbers show that investors still face an uphill climb to clear significant profits after expenses,” said Rob Barber, CEO for ATTOM. They, like others, also face tenuous times amid a housing market boom that’s cooled down over the past year. But we now have a year’s worth of a trend showing that things have started to turn around for the flipping industry, with clear signs of increasing interest flowing into the market.” The continued improvements in profits and profit margins over the past year reflect a rejuvenated pattern of investors benefitting from shifts in prices going in their favor between the time of purchase to resale. In the first quarter of 2024, the typical nationwide resale price on flipped homes increased to $312,375, a 4.1% improvement over the fourth quarter of 2023. The increase outpaced the 2.1% rise in median prices that recent home flippers were commonly seeing when they were buying their properties. Similar gaps appeared annually as well, leading to the quarterly and yearly improvement in investment returns. Home Flipping Rates Turn Upward in Almost 80% of Nation Home flips as a portion of all home sales increased from the fourth quarter of 2023 to the first quarter of 2024 in 134 of the 173 metropolitan statistical areas around the U.S. with enough data to analyze (77.5%). Most of the declines were by less than two percentage points. Among those metros, the largest flipping rates during the first quarter of 2024 were in:  »             Warner Robins, GA (flips comprised 18.7% of all home sales)  »             Macon, GA (17.1%)  »             Fayetteville, NC (15.8%)  »             Atlanta, GA (14.7%)  »             Memphis, TN (14.6%) Aside from Atlanta and Memphis, the highest flipping rates among metro areas with a population of more than 1 million were in:  »             Columbus, OH (12.8%)  »             Birmingham, AL (12.7%)  »             Kansas City, MO (12.1%) The smallest home-flipping rates among metro areas analyzed in the first quarter were in:  »             Honolulu, HI (3.7%)  »             Oxnard, CA (5.3%)  »             Naples, FL (5.4%)  »             Des Moines, IA (5.5%)  »             Seattle, WA (5.5%)

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