IE Business Daily Business news for the Inland Empire.
Riverside had one of the country’s largest year-over-year increases in investor home sales – 2.4 percent – during the first quarter of this year, according to a recent report.
Among major metropolitan markets, that number was surpassed only by Oakland, where investors bought nearly 17 percent of all the homes that sold during the first three months of this year, followed by Las Vegas (2.7 percent), Tampa (2.6 percent) and Phoenix (2.5 percent), Redfin reported May 15.
Nationwide, real estate investors bought approximately 44,000 homes during the first quarter. That was only a 0.5 percent increase from one year earlier, but it was the first increase of any kind since the second quarter of 2022.
Investor housing sales are have settled down recently after several years of volatility. Investor home purchases more than doubled in 2021 when the pandemic peaked, but they dropped nearly 50 percent at the start of 2023, as declining rents and home values reduced potential profits, according to Redfin.
