Will Profits Continue To Drop For Sellers?

By ERIN FLYNN JAY Gross profits and profit margins remained near record levels for sellers last year but they decreased for the first time since 2011 in what could be seen as a sign of a cooling housing market. ATTOM released its Year-End 2023 U.S. Home Sales Report on Jan. 24, which shows that home sellers made a $121,000 profit on the typical sale in 2023, generating a 56.5% return on investment. Compare that to 2022, when the gross profit on median-priced single-family homes was $122,600 and the profit margin was 59.8%. This drop in profits happened as the median nationwide home price rose at the smallest annual pace in more than a decade, according to ATTOM. So is this…