Home sellers have had a good run over the past few years. Elevated home prices moved even higher during the pandemic and the increases, while slower, have continued in most markets. In fact, according to ATTOM Data Solutions’ second-quarter 2024 U.S. Home Sales Report, the median U.S. home price hit a new record during the second quarter, reaching $365,000. The gains pushed home seller profits higher too, with the typical raw profit back up over $130,000. Rob Barber, ATTOM’s CEO, says profits were up but margins were relatively unchanged. “Prices jumped back upward, which was great news for owners,” Barber said. “So did raw profits. Profit margins also remained historically elevated. But the bottom-line profit-margin trend didn’t move much at all because soaring prices are far from a new thing. Even greater price improvements will be needed to kick margins up over the rest of the year.” (source)
