Record Single Family Investor Buying in Q1, Possible evidence of Slowdown in Q2

by Calculated Risk on 7/17/2022 09:58:00 AM

Today, in the Calculated Risk Real Estate Newsletter: Record Single Family Investor Buying in Q1, Possible evidence of Slowdown in Q2

A brief excerpt:

Housing economist Tom Lawler discusses the CoreLogic data: CoreLogic: Share of SF Homes Purchased by Investors Hit Record High in Q1/2022; Non-Investor Home Purchases Down Significantly YOY

In its quarterly report on “investor” home buying activity, CoreLogic reported that SF homes purchased by “investors – defined as entities (individual or corporate) who retained at least three properties simultaneously within the last 10 years – increased to a record high of 27.6% in the first quarter of 2022, up from 24.8% in the fourth quarter of 2021 and 19.2% from the first quarter of 2021.
CR Notes: Investors pulling back could be a factor in less housing demand. Housing analyst Ivy Zelman said last week about non-primary buyers (edited slightly for clarity):

And we think about non-primary for those that you know, might not appreciate what that includes: second home buyers, private investors, institutional investors and the institutional investors could also incorporate what we call the intermediaries. Liquidity providers; iBuyers. So, there’s been tremendous speculation and aggregate that number or the latest sort of first Q – we don’t have two Q yet – aggregated to about 24% of transactions, and we think that’s even understating it …

[We are seeing less] demand and seasonally worse than normal activity and increasing [cancellations] … And I do think the non-primary is a big factor.

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