New home sales never really slowed during the pandemic, with urban single-family housing seeing the fastest price growth—up 20% year over year. Now, with the economy reopening, institutional and business investors jumped back into the house market for the first time in a year, according to home real estate site Redfin.
According to the site, investor purchases saw growth for the first time since the pandemic hit. Investments were up 2.7% year over year in the first quarter of 2021. That's the first after three quarters of declines as high as 45.5%, which happened in the second quarter of 2020.
The commercial and institutional investors snapped up 14.9%, or roughly one in seven, of all home sales. Such investors are holding close to the 16.1% of all homes they held in the first quarter of 2020.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
