By Wolf Richter for WOLF STREET.
Investor purchases of single-family houses plunged by 32.3% in Q3 compared to the same period last year, according to Redfin, based on county records in the 40 most populous metropolitan areas. Beyond the lockdown Q2 2020, this was the steepest percentage plunge since the Housing Bust.
Investor purchases of condos and co-ops plunged by 27.5%; of townhouses by 17.9%, and of multifamily buildings with 2-4 units by 18.3%.
The chart shows the count of homes purchased by category of homes; and on the right, the year-over-year percentage plunge. These “investors” are defined as institutions or businesses that buy residential properties. (chart via Redfin):