The District of Columbia had the highest home flipping rate in the nation in the first quarter at 10.7%, followed by Nevada (9.8%), Alabama (9.0%), Tennessee (8.9%), Maryland (8.5%) and Missouri (8.0%). Among the 85 metropolitan areas with at least 90 single-family and condo home flips completed in Q1, Memphis ranked highest at 15.1%. It was followed by York-Hanover, PA (12.5%); Fresno, CA (11.1%); Birmingham, AL (10.3%); and Las Vegas (10%).

Among 85 metro areas with at least 90 completed home flips in Q1, those with the highest share originally purchased by the flipper with financing were Colorado Springs, CO (69.3%); Denver (54.8%; Seattle (51.6%); Boston, (51.3%); and Providence, RI (47.3%).
ATTOM says 43,615 single-family homes and condos were flipped—i.e. sold in an arms-length transfer for the second time within a 12-month period—nationwide in Q1. That's down 8% from the previous quarter and down 6% from a year ago to the lowest number of homes flipped since Q1 2015.

IRVINE, CA—ATTOM Data Solutions said Thursday that loan volume for home flipping reached a nine-year high in the first quarter. At the same time, the number of homes flipped during Q1 represented the lowest quarterly volume in two years, even if flips' share of all single-family and residential condominium sales ticked upward from the previous quarter.

“The business of financing for home flippers continued to grow in the first quarter of 2017 even as the home flipping rate plateaued compared to a year ago and average home flipping returns decreased for the second consecutive quarter,” says Daren Blomquist, SVP at Irvine, CA-based ATTOM. “Home flippers financed an estimated $3.5 billion in purchases for homes flipped during the quarter, up from $3.3 billion in the previous quarter and up from $2.4 billion a year ago to the highest level since the fourth quarter of 2007, a more than nine-year high.”

Home flips reached a high last seen prior to the 2008-2009 recession in another metric, as well. One-third of all single-family homes and condos flipped in Q1 were purchased by the flipper with financing. That's up from 31.9% in Q4 2016 and 29.5% a year ago for the highest level since Q3 2008, when 27.6% of completed home flips were purchased by the flipper using financing.

The median price for flipped homes in Q1 was $200,000, a gross flipping profit of $64,284 above the median purchase price of $135,716, up from a gross flipping profit of $63,500 in the previous quarter and a gross flipping profit of $59,100 in the year-ago period. The median price for Q1 was the highest going back tp Q1 2000, when ATTOM began tracking these transactions.
At the same time, the $64,284 average gross flipping profit translated into an average 47.4% gross ROI, down from an average 49% gross flipping ROI in Q4 '016 and an average 48.5 percent average gross flipping ROI in Q1 '16. That represents the second consecutive quarter where the average gross flipping ROI decreased on a year-over-year basis following six consecutive quarters of Y-O-Y increases.

The District of Columbia had the highest home flipping rate in the nation in the first quarter at 10.7%, followed by Nevada (9.8%), Alabama (9.0%), Tennessee (8.9%), Maryland (8.5%) and Missouri (8.0%). Among the 85 metropolitan areas with at least 90 single-family and condo home flips completed in Q1, Memphis ranked highest at 15.1%. It was followed by York-Hanover, PA (12.5%); Fresno, CA (11.1%); Birmingham, AL (10.3%); and Las Vegas (10%).

Among 85 metro areas with at least 90 completed home flips in Q1, those with the highest share originally purchased by the flipper with financing were Colorado Springs, CO (69.3%); Denver (54.8%; Seattle (51.6%); Boston, (51.3%); and Providence, RI (47.3%).
ATTOM says 43,615 single-family homes and condos were flipped—i.e. sold in an arms-length transfer for the second time within a 12-month period—nationwide in Q1. That's down 8% from the previous quarter and down 6% from a year ago to the lowest number of homes flipped since Q1 2015.