Las Vegas house flippers are booking rising profits, although investors still make more money outside Southern Nevada, a new report shows.
Flips comprised 8.2 percent of Las Vegas-area home sales in the third quarter, above the national rate of 5.1 percent, according to housing tracker Attom Data Solutions.
Las Vegas’ share of flips was seventh-highest among the 90-plus metro areas listed in the report. Memphis, Tennessee, led the pack at 12 percent.
Attom, based in Irvine, California, defines a flip as selling a home within a year of buying it.
The company reported that Las Vegas-area flippers booked average gross profits of $59,503, giving them a 36.5 percent return on investment, in the three months ending Sept. 30. That’s compared with gross profits of $46,516, and a 30.4 percent return, in the same period last year.
Nationally, flippers booked average gross profits of $66,448 in the third quarter, for a 47.7 percent return, compared with $65,000 in gross profits and a 51.2 percent return a year earlier, Attom reported.
Those profits represent the sales price minus the purchase price and do not account for renovations or other costs the sellers may have incurred.
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