Ka-ching! U.S. Home Seller Profits Hit 10-Year High
The average profits for people selling their homes recently hit a 10-year high. During the last three months of last year, ATTOM Data Solutions found the average home price was $54,000 more than what the seller had paid.
In metro Phoenix, the average home price gain was $63,000, a 36 percent return on investment, according to ATTOM’s research. The median home price in the Valley was $232,000 in 2017, compared to the national median of $235,000.
In Tucson, the average home seller profit was $34,500, a 21.6 percent increase from the original purchase price.
The biggest returns were found in California with San Jose (90.9 percent) and San Francisco (73.3 percent) leading the pack. ATTOM also reports homeownership tenure reached a record high. People who sold their homes in the last quarter of 2017 owned them on average 8.18 years, up from 7.78 years in the last quarter of 2016 to the longest average tenure going back as far as data is available from 2000.