Investors snapped up more than 18% of homes purchased during the last quarter, shattering previous records and posting a gain of 10.1% over Q2 figures.
New research from Redfin reveals that investors bought 90,215 homes last quarter, a 11.2% year-over-year gain and the second largest such gain in history. Investor home purchases account for $63.6 billion worth of sales in the third quarter, up from a revised $58.8 billion in the Q2 and $35.7 billion a year earlier.
The average home price in such deals was $438,770, up 5.3% year-over-year. Investors turned away from lower- and higher-priced homes this quarter in favor of mid-priced assets, making Q3 the first quarter on record in which mid-priced homes represented a larger share of investor purchases than high-priced homes.
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