One big story over the last few years — really, since the global financial crisis — has been the degree to which investors had been snapping up single-family homes and renting them out.
That narrative just ran into a boulder and tripped. In the first quarter, investor home purchases dropped 49% year over year and 15.9% down from 2022 Q4, according to Redfin. The fall was even harder than the overall year-over-year 41% and quarterly 14.7% quarter-over-quarter for home purchases.
The analysis was of county records from 40 of the most populous metropolitan areas, the company said. "We define an investor as any institution or business that purchases residential real estate," Redfin wrote. "When we refer to a 'record,' the record dates back to the first quarter of 2000. This data is subject to revision."
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