{"id":76292,"date":"2023-05-31T05:00:39","date_gmt":"2023-05-31T12:00:39","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76292"},"modified":"2023-05-30T15:33:54","modified_gmt":"2023-05-30T22:33:54","slug":"investor-home-purchases-q1-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/investor-home-purchases-q1-2023\/","title":{"rendered":"Investor Home Purchases Fell a Record 49% Year Over Year in the First Quarter"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>That outpaced a 41% drop in overall home purchases. Investors retreated as rising interest rates and falling home values shrank potential profits.\u00a0<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Still, investors bought up 18% of homes that sold. That\u2019s down from a peak of 20% a year earlier but is higher than pre-pandemic levels.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Investors gravitated toward low-priced homes and condos; starter homes made up a record 2 in 5 investor purchases.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Real estate investors purchased 48.6% fewer homes in the first quarter of 2023 than they did a year earlier as elevated interest rates along with declining rents and housing values ate into potential profits. That\u2019s the largest annual decline on record, and outpaced the 40.7% drop in overall home purchases in the major metros tracked by Redfin.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-76293\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-chart-1.png\" alt=\"\" width=\"879\" height=\"476\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-chart-1.png 879w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-chart-1-300x162.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-chart-1-768x416.png 768w\" sizes=\"(max-width: 879px) 100vw, 879px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investor purchases fell 15.9% on a quarter-over-quarter basis, comparable with the 14.7% quarterly drop in overall home purchases.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is according to a Redfin analysis of county records across 40 of the most populous U.S. metropolitan areas. We define an investor as any institution or business that purchases residential real estate. When we refer to a \u201crecord,\u201d the record dates back to the first quarter of 2000. This data is subject to revision.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWhile investors have pumped the brakes on home purchases, they\u2019re still scooping up a bigger share of homes than they were before the pandemic, which can create challenges for individual buyers at a time when there are so few homes for sale,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cInvestors have gravitated toward more affordable properties due to still-high housing costs and rising mortgage rates, which has left first-time homebuyers with fewer starter homes to choose from.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investors bought up scores of homes during the pandemic because record-low mortgage rates and skyrocketing housing demand created opportunities for hefty returns. Now they\u2019re pulling back in response to the rise in interest rates, which is causing housing values to <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-april-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">continue<\/span><\/a><span style=\"font-weight: 400;\"> falling in much of the U.S. as homebuyer demand falters. While many investors buy homes with cash, they\u2019re still impacted by high interest rates because they often take out non mortgage loans to cover renovations and other expenses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201c<\/span><span style=\"font-weight: 400;\">It\u2019s been about eight months since one of my listings sold to an investor,\u201d said Jacksonville, FL <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/heather-kruayai\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Heather Kruayai<\/span><\/a><span style=\"font-weight: 400;\">. \u201cI rarely get offers from investors these days, and when I do, it\u2019s a lowball offer on a house that\u2019s been sitting for a while. Some smaller companies and mom-and-pop investors are still active in the market, but the big corporations aren\u2019t buying anymore.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Borrowing costs climbed even higher in May, meaning investors may pull back from the housing market further in the second quarter. Investor home purchases typically rise on a quarter-over-quarter basis in the spring, but we may see them fall flat or decline when second-quarter data comes in.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For investors who are landlords, <\/span><a href=\"https:\/\/www.redfin.com\/news\/redfin-rental-report-april-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">slowing<\/span><\/a><span style=\"font-weight: 400;\"> rent growth is also making it harder to reap profits. And investors who are in the business of <\/span><a href=\"https:\/\/www.redfin.com\/definition\/flipping\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">flipping<\/span><\/a><span style=\"font-weight: 400;\"> homes are finding it more challenging to make money because they\u2019re increasingly likely to resell homes at a loss due to declining home prices. Roughly <\/span><a href=\"https:\/\/www.redfin.com\/news\/investor-homes-sold-at-a-loss\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">one of every seven<\/span><\/a><span style=\"font-weight: 400;\"> homes (13.5%) sold by an investor in March sold for less than the investor bought it for, just shy of the seven-year high set in February. <\/span><span style=\"font-weight: 400;\">The share was even higher\u201420.8%\u2014for home flippers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Widespread economic uncertainty and recession fears are also prompting investors to pump the brakes. Some investors may be moving their money into other asset classes that offer better returns, such as stocks and bonds.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investor home purchases in the first quarter of 2022 were near their record high, which is another reason the year-over-year decline in 2023 was so dramatic. Investors bought 41,181 homes in the metros tracked by Redfin in the first quarter of 2023, down from 80,128 a year earlier, which wasn\u2019t far from the record high of 95,124 in the third quarter of 2021.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"alignnone size-full wp-image-76294\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-chart-2.png\" alt=\"\" width=\"878\" height=\"470\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-chart-2.png 878w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-chart-2-300x161.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-chart-2-768x411.png 768w\" sizes=\"(max-width: 878px) 100vw, 878px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Overall, investors bought $27.5 billion worth of homes in the metros tracked by Redfin in the first quarter, down 46.3% from $51.2 billion one year earlier and down 12.4% from $31.4 billion one quarter earlier. The typical home investors purchased cost $427,901, little changed from the prior quarter and a year earlier.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Investors Bought 18% of Homes Purchased in the First Quarter<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">While investors are purchasing fewer homes than they were before the pandemic, their market share remains relatively high; they bought 17.6% of homes purchased in the metros tracked by Redfin in the first quarter. That\u2019s down from a peak of 20.4% a year earlier but higher than any quarter on record prior to the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"alignnone size-full wp-image-76295\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-chart-3.png\" alt=\"\" width=\"877\" height=\"473\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-chart-3.png 877w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-chart-3-300x162.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-chart-3-768x414.png 768w\" sizes=\"(max-width: 877px) 100vw, 877px\" \/> <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investor market share is likely above pre-pandemic levels in part because so many individual homebuyers have been priced out of the market, Bokhari said. For it to come down substantially, investors would need to pull back much more than regular buyers; right now, both groups are retreating rapidly from the market.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Investor Home Purchases Plunged in the Sun Belt\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In <\/span><a href=\"https:\/\/www.redfin.com\/county\/1974\/NY\/Nassau-County\"><span style=\"font-weight: 400;\">Nassau County, NY<\/span><\/a><span style=\"font-weight: 400;\">, investor home purchases fell 67.9% year over year in the first quarter, the largest decline among the 40 metros Redfin analyzed. Next came <\/span><a href=\"https:\/\/www.redfin.com\/city\/30756\/GA\/Atlanta\"><span style=\"font-weight: 400;\">Atlanta<\/span><\/a><span style=\"font-weight: 400;\"> (-66%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/3105\/NC\/Charlotte\"><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/a><span style=\"font-weight: 400;\"> (-66%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/14240\/AZ\/Phoenix\"><span style=\"font-weight: 400;\">Phoenix<\/span><\/a><span style=\"font-weight: 400;\"> (-64.2%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/13415\/TN\/Nashville\"><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/a><span style=\"font-weight: 400;\"> (-60.4%). Rounding out the top 10 are <\/span><a href=\"https:\/\/www.redfin.com\/city\/10201\/NV\/Las-Vegas\"><span style=\"font-weight: 400;\">Las Vegas<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/city\/8907\/FL\/Jacksonville\"><span style=\"font-weight: 400;\">Jacksonville<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/city\/15502\/PA\/Philadelphia\"><span style=\"font-weight: 400;\">Philadelphia<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.redfin.com\/city\/18142\/FL\/Tampa\"><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.redfin.com\/city\/13655\/FL\/Orlando\"><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/a><span style=\"font-weight: 400;\">, which all saw declines of more than 50%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All but two of the metros above (Nassau County and Philadelphia) are in Sun Belt states, which soared in popularity among homebuyers during the pandemic. I<\/span><span style=\"font-weight: 400;\">nvestors piled in to capitalize on surging rents and home values, and are now pulling back as Sun Belt housing markets slow relatively quickly after getting overheated in recent years.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Phoenix, 30.7% of homes sold by investors in March sold at a loss\u2014the highest share of the 40 metros Redfin analyzed and more than double the national rate, a separate Redfin <\/span><a href=\"https:\/\/www.redfin.com\/news\/investor-homes-sold-at-a-loss\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">analysis<\/span><\/a><span style=\"font-weight: 400;\"> found. Next came Las Vegas (28%), Jacksonville (20.9%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/16409\/CA\/Sacramento\"><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/a><span style=\"font-weight: 400;\"> (20.2%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/3105\/NC\/Charlotte\"><span style=\"font-weight: 400;\">Charlot<\/span><\/a><span style=\"font-weight: 400;\">t<\/span><a href=\"https:\/\/www.redfin.com\/city\/3105\/NC\/Charlotte\"><span style=\"font-weight: 400;\">e<\/span><\/a><span style=\"font-weight: 400;\"> (17.4%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investor purchases may also be declining in Atlanta, Charlotte, Las Vegas and Phoenix because those markets were popular among iBuyer investors. Many iBuying companies, including RedfinNow, <\/span><a href=\"https:\/\/therealdeal.com\/new-york\/2022\/12\/07\/ibuying-on-the-brink-where-does-the-controversial-homebuying-model-go-from-here\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">ceased<\/span><\/a><span style=\"font-weight: 400;\"> or slowed operations in recent years.<\/span><\/p>\n<p><a href=\"https:\/\/www.redfin.com\/city\/1073\/MD\/Baltimore\"><span style=\"font-weight: 400;\">Baltimore<\/span><\/a><span style=\"font-weight: 400;\"> saw the smallest decline in investor purchases, which fell 8.8% year over year in the first quarter. It was followed by <\/span><a href=\"https:\/\/www.redfin.com\/city\/15272\/RI\/Providence\"><span style=\"font-weight: 400;\">Providence, RI<\/span><\/a><span style=\"font-weight: 400;\"> (-9.6%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/16163\/WA\/Seattle\"><span style=\"font-weight: 400;\">Seattle<\/span><\/a><span style=\"font-weight: 400;\"> (-15.5%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/35759\/WI\/Milwaukee\"><span style=\"font-weight: 400;\">Milwaukee<\/span><\/a><span style=\"font-weight: 400;\"> (-21.6%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/4145\/OH\/Cleveland\"><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/a><span style=\"font-weight: 400;\"> (-23.2%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the decline in investor purchases was relatively small in Seattle, it has still been noticeable, according to local <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/forrest-moody\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Forrest Moody<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThere aren\u2019t many investors buying homes in Seattle, but some are selling,\u201d Moody said. \u201cI\u2019m seeing more landlords sell rental properties as leases expire. That\u2019s primarily because Seattle has a lot of laws protecting tenants, so many landlords have decided it&#8217;s no longer worth the hassle. If it wasn&#8217;t for investors selling off properties, our housing shortage would be even more dire than it already is. Hardly any individual homeowners are selling because they don\u2019t want to trade their 3% mortgage rate for a 7% one.\u201d<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Investors Lost Most Market Share in Charlotte, Atlanta and Phoenix<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Investors lost market share in 17 of the 40 metros Redfin analyzed. Many of those are places where investor purchases dropped significantly. In Charlotte, investors bought 18.4% of homes purchased in the first quarter, down 14.1 percentage points from 32.5% a year earlier. That\u2019s the largest percentage-point drop among the metros in this analysis. Next came Atlanta (-14 ppts), Phoenix (-11.1 ppts), Jacksonville (-10.7 ppts) and Nashville (-9.3 ppts).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investors gained the most market share in Baltimore, where they bought 21.6% of homes purchased, up from 17% a year earlier (4.6 ppts). Next came Nassau County (4.3 ppts), <\/span><a href=\"https:\/\/www.redfin.com\/city\/30749\/NY\/New-York\"><span style=\"font-weight: 400;\">New York<\/span><\/a><span style=\"font-weight: 400;\"> (4 ppts), Providence (3.4 ppts) and Seattle (2.8 ppts).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Overall, investors had the highest market share in <\/span><a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\/\"><span style=\"font-weight: 400;\">Miami<\/span><\/a><span style=\"font-weight: 400;\">, where they bought 30% of homes purchased in the first quarter. Rounding out the top five are Cleveland (24%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/517\/CA\/Anaheim\"><span style=\"font-weight: 400;\">Anaheim, CA<\/span><\/a><span style=\"font-weight: 400;\"> (22.6%) <\/span><a href=\"https:\/\/www.redfin.com\/city\/5665\/MI\/Detroit\/filter\"><span style=\"font-weight: 400;\">Detroit<\/span><\/a><span style=\"font-weight: 400;\"> (22%) and Jacksonville (22%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investors had the lowest market share in <\/span><a href=\"https:\/\/www.redfin.com\/city\/20734\/MI\/Warren\"><span style=\"font-weight: 400;\">Warren, MI<\/span><\/a><span style=\"font-weight: 400;\"> (10.6%), <\/span><a href=\"https:\/\/www.redfin.com\/county\/2406\/PA\/Montgomery-County\"><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/a><span style=\"font-weight: 400;\"> (10.6%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/12839\/DC\/Washington-DC\/\"><span style=\"font-weight: 400;\">Washington, D.C.<\/span><\/a><span style=\"font-weight: 400;\"> (10.6%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/10943\/MN\/Minneapolis\"><span style=\"font-weight: 400;\">Minneapolis<\/span><\/a><span style=\"font-weight: 400;\"> (11.1%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/30772\/OR\/Portland\"><span style=\"font-weight: 400;\">Portland, OR<\/span><\/a><span style=\"font-weight: 400;\"> (11.5%).<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Low-Priced Homes Made Up Increasing Share of Investor Purchases\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Low-priced homes made up nearly half (48.7%) of investor purchases in the first quarter, the highest share in two years. Meanwhile, mid-priced homes represented about one-quarter (23.6%) of investor purchases, the <\/span><i><span style=\"font-weight: 400;\">lowest<\/span><\/i><span style=\"font-weight: 400;\"> share in two years. High-priced homes made up 27.7%, little changed from the prior several quarters.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-76296\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-price-tier.png\" alt=\"\" width=\"885\" height=\"482\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-price-tier.png 885w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-price-tier-300x163.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-price-tier-768x418.png 768w\" sizes=\"(max-width: 885px) 100vw, 885px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investors bought 24.9% of all low-priced homes that were purchased in the metros tracked by Redfin in the first quarter, comparable with the 25.3% record high set a year earlier. Meanwhile, they bought 12.5% of mid-priced homes that were purchased, the lowest share in two years, and 15.3% of high-priced homes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76297 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-price-tier-2.png\" alt=\"\" width=\"878\" height=\"481\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-price-tier-2.png 878w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-price-tier-2-300x164.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-price-tier-2-768x421.png 768w\" sizes=\"(max-width: 878px) 100vw, 878px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">The investors who are still in the market have gravitated toward more affordable properties due to still-high home prices and elevated interest rates.\u00a0<\/span><span style=\"font-weight: 400;\">A record 41.1% of investor purchases in the first quarter were starter homes\u2014 homes with 1,400 or fewer square feet\u2014up from 37.2% a year earlier.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-76298\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/starter-homes-1024x708.png\" alt=\"\" width=\"878\" height=\"607\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/starter-homes-1024x708.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/starter-homes-300x207.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/starter-homes-768x531.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/starter-homes.png 1300w\" sizes=\"(max-width: 878px) 100vw, 878px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">This helps explain why condos are making up an increasingly large share of investor purchases. Condos represented one of every five (19.5%) investor purchases in the first quarter, the highest share since 2018. Meanwhile, single-family homes made up 67.3% of investor purchases, the lowest share since 2017. Single-family homes may also be taking up a shrinking share because there are <\/span><a href=\"https:\/\/www.cnn.com\/2023\/03\/08\/homes\/housing-shortage\/index.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">so few<\/span><\/a><span style=\"font-weight: 400;\"> available for sale.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-76299\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-prop-type.png\" alt=\"\" width=\"881\" height=\"479\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-prop-type.png 881w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-prop-type-300x163.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/05\/investor-prop-type-768x418.png 768w\" sizes=\"(max-width: 881px) 100vw, 881px\" \/> <\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Metro-Level Summary: Investor Home Purchases, Q1 2023<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">The table below includes the 40 most populous metros for which data was available.<\/span><\/i><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Metro area<\/b><\/td>\n<td><b>Investor purchases, YoY change<\/b><\/td>\n<td><b>Total value of homes bought by investors<\/b><\/td>\n<td><b>Median sale price of homes bought by investors<\/b><\/td>\n<td><b>Share of purchased homes bought by investors<\/b><\/td>\n<td><b>Share of purchased homes bought by investors, YoY change (percentage points)<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-32.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,448,672,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,100,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.7 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-66.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$944,178,182<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$251,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-14.0 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-8.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$320,849,103<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$140,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-66.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$367,286,342<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$257,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-14.1 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-36.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$620,873,163<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$190,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.4 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-25.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$178,024,012<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$151,600<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.7 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-23.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$136,200,225<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$87,100<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.1 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-48.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$169,537,598<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$182,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-6.8 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-50.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$598,946,228<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$474,428<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.8 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-30.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$87,218,698<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$78,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.8 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-46.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$709,579,678<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$340,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.1 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-56.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$327,601,255<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$225,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-10.7 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-60.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$662,175,991<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$370,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-7.8 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-39.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,115,555,181<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,045,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.0 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-44.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,611,854,434<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$435,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.3 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-21.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$114,763,069<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$143,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-42.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$248,804,155<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$270,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.1 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-44.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$101,547,444<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$236,250<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-60.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$327,012,236<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$340,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-9.3 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-67.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$324,495,493<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$590,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.3 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-29.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$369,293,327<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$371,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.5 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-35.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,366,641,622<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$771,998<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.0 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-41.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$204,319,156<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$374,950<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-38.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$622,508,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$932,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-54.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$589,909,704<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$300,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-6.7 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-56.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$149,419,525<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$115,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.4 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-64.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,596,113,537<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$400,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-11.1 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-45.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$254,677,337<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$490,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.4 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-9.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$83,535,695<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$304,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.4 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-47.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,011,349,453<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$530,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-49.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$478,313,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$540,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.9 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-35.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,471,604,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$899,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.5 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-35.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,039,162,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,662,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-38.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$647,933,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,630,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-15.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$675,823,193<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$794,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.8 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-54.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$786,096,324<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$280,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-7.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-35.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$131,120,930<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$166,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Warren, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-40.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$95,401,718<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$140,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, D.C.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-30.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$579,603,314<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$390,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.4 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-28.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$919,087,432<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$450,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>National (metros tracked by Redfin)<\/b><\/td>\n<td><b>-48.6%<\/b><\/td>\n<td><b>$27,487,089,254<\/b><\/td>\n<td><b>$427,901<\/b><\/td>\n<td><b>17.6%<\/b><\/td>\n<td><b>-2.7 ppts<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span style=\"font-weight: 400;\">Methodology<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">For this analysis, we looked at county sale records for homes purchased from January 2000 through March 2023. We define an investor as any buyer whose name includes at least one of the following keywords: LLC, Inc, Trust, Corp, Homes. We also define an investor as any buyer whose ownership code on a purchasing deed includes at least one of the following keywords: association, corporate trustee, company, joint venture, corporate trust. This data may include purchases made through family trusts for personal use.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We analyzed home sales in the 50 most populous metro areas, but only included 40 metros in this report due to non-disclosure of sale prices in some counties.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the price-tier analysis, we looked at all home sales in a given year and sorted each sale into one of three buckets: low-priced, mid-priced or high-priced. Low-priced means a home\u2019s sale price was in the bottom tercile of local sale prices, while mid-priced means it was in the middle tercile and high-priced means it was in the top tercile.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>That outpaced a 41% drop in overall home purchases. Investors retreated as rising interest rates and falling home values shrank potential profits.\u00a0 Still, investors bought up 18% of homes that sold. That\u2019s down from a peak of 20% a year earlier but is higher than pre-pandemic levels. Investors gravitated toward low-priced homes and condos; starter [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":76300,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,582],"tags":[36,73,20,627,623,88],"coauthors":[125,115],"class_list":["post-76292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-investors","tag-economics","tag-finance","tag-housing-affordability","tag-investor-report","tag-national","tag-renting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Investor Home Purchases Fell a Record 49% in the First Quarter<\/title>\n<meta name=\"description\" content=\"Still, investors bought up 18% of homes that sold. 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