Investor activity in the housing market dropped off during the second quarter for the first time in two years after reaching an all-time high in January. The share of single-family purchases made by investors in January was 29.8%, but by June it had declined five percentage points to 23.4%, according to a CoreLogic analysis.

Investors purchased 80,000 homes in June 2024, compared with 112,000 in June 2023 and 149,000 in June 2021, a nearly 50% decrease. Overall, the level of purchase activity through the first half of 2024 seems more comparable to pre-pandemic investment activity, CoreLogic said.

The slide in investor activity began in March, but the investor share remained above pre-pandemic levels, which consistently oscillated between 15% and 20%. CoreLogic said this decline could be a seasonal movement that comes from increased buyer activity during the summer months.