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(TNS)—Across the country last year, home flips dropped about 13% from 2019 to the lowest level since 2016. In 2020, 241,630 single-family homes and condos across the U.S. were purchased and resold, mostly by investors looking to make a profit.

“Last year was a banner year for the U.S. housing market, with the apparent exception of the home-flipping business, which saw its fortunes slide a bit more in 2020,” ATTOM Data’s Todd Teta said in a new report. “Home flippers did still make a nice profit on investments that generally take around six months to turn around—just not as much as they did in the previous few years.

“It’s too early to know if that small slide was a sign of weakness in the broader housing market or just a bump in the road,” he said. “We will know much more as we gauge other key market metrics in the coming months.”

On average, U.S. home flippers made $66,300 in gross profits from properties they sold, with an average return of just over 40%, ATTOM Data Solutions found.

Home flipping activity fell in more than 60% of major U.S. markets, including all 10 of the metro areas with the most home flips.

ATTOM Data counts flips as any property sale that was an arm’s-length transaction that occurred in the quarter where a previous arm’s-length transaction on the same property had occurred within the last 12 months.

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