Real estate investors are retreating from the housing market at a record pace
Home purchases by real estate investors fell 48.6% in the first quarter from a year ago, the largest annual decline since Redfin began tracking records in 2000, theThe group's retreat surpassed the market's overall 40.7% decline in purchases, as elevated interest rates plus declining rents and home values pulled down profitability.
The conditions also prompted investors to focus on more affordable properties. Low-priced home purchases climbed to a two-year high, and a record 41.1% of investor purchases in the quarter were starter homes. "While investors have pumped the brakes on home purchases, they're still scooping up a bigger share of homes than they were before the pandemic, which can create challenges for individual buyers at a time when there are so few homes for sale," Redfin Senior Economist Sheharyar Bokhari said in the report.
Investor purchases accounted for 17.6% of the market, down from last year's peak of 20% but still the second highest rate since data collection began as individual homebuyers are becoming priced out. Mortgage rates shot up last year in the wake of the Federal Reserve's interest rate hikes and remain elevated, with the
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