Fewer homes were flipped in 2Q 2024 than in the first quarter but profit margins improved for the fourth time in five quarters, following six years of nearly continuous downturns. The market, however, remains tricky.

In total, 79,540 single-family homes and condominiums were flipped in the second quarter, accounting for 7.5% or one of every thirteen home sales, according to a new ATTOM report. That was lower than the 8.7% rate in the first quarter as well as the 7.9% rate a year earlier. However, ATTOM described this as a common pattern in Spring when home sales of other types rise.

Nationwide, the profit before expenses earned by the typical investor on flips was 30.4% — "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," the report noted. Still the return on investment was slightly higher than in the first quarter.