The typical profit homesellers enjoyed across the nation in the third quarter of 2020 jumped 37.5% from a year ago to $85,000, according to the third-quarter 2020 U.S. Home Sales Report from ATTOM Data Solutions.
The report notes that the profit-margin — the difference between the median purchase and resale prices — is up from $75,000 in the second quarter of 2020 and $66,000 in the third quarter of 2019.
“Home prices and seller profits across the nation continue racking up new highs as the housing market remains relatively immune from the economic havoc caused by the coronavirus pandemic. It’s almost as if the housing market and the overall economy are operating in different worlds,” Todd Teta, chief product officer at ATTOM Data Solutions, said in a press release. “Things remain in flux, given the significant uncertainty about when the pandemic might recede or what impact the recent resurgence could have in different areas of the country. But with mortgage rates at rock-bottom levels and declining supplies of homes for sale, conditions remain in place for continued strong prices and returns.”
The tenure of homeowners also got longer in the third quarter, increasing to 8.13 year from 7.91 a year ago.