The number of homes being flipped has dropped, according to a recent U.S. Home Flipping Report. A home flip is when a property is sold in an arms-length sale for a second time within a year. Despite Florida experiencing the largest decline in home flips, four of its cities still made it to the top ten metros with the highest flipping rates. The city of Miami ranked ninth.
Homes that were flipped in Q3 2016 had an average sale price of $190,000, yielding an average profit of $60,800. This represents a decrease from the average gross flipping profit of $62,424 during the second quarter. The average gross flipping profit translates to a return on investment (ROI) of over 47% of the purchase price.