Saturday, June 03, 2023 9:58:10 AM
In Nassau County, NY, investor home purchases fell 67.9% year over year in the first quarter, the largest decline among the 40 metros Redfin analyzed. Next came Atlanta (-66%) and Charlotte, NC (-66%), Phoenix (-64.2%) and Nashville, TN (-60.4%). Rounding out the top 10 are Las Vegas, Jacksonville, Philadelphia, Tampa, FL and Orlando, FL, which all saw declines of more than 50%.
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. Investors 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.
In Phoenix, 30.7% of homes sold by investors in March sold at a loss—the highest share of the 40 metros Redfin analyzed and more than double the national rate, a separate Redfin analysis found. Next came Las Vegas (28%), Jacksonville (20.9%), Sacramento, CA (20.2%) and Charlotte (17.4%).
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