The Philadelphia metropolitan area is slightly below the national average in house-flipping, but those short-term sales have reached a 10-year high in the region, according to a new report.
Research from Trulia shows that a combination of rising home prices and a stronger labor market have helped push home-flipping numbers to their highest levels in a decade nationally. Approximately 6.1 percent of all home sales in 2016 qualified as a "flip," defined as the purchase of a house at a market rare and the subsequent sale of the same property at a higher price due to improvements or short-term pricing gains. That figure marked a near percentage-point increase over the 5.3 percent rate recorded in 2015.
In the Philadelphia metropolitan area, the city and six surrounding counties in Pennsylvania and New Jersey, an even 6 percent of home sales met the definition of flipping. That's a nearly 1 percent change from 2015 to 2016. Home prices during the same period rose 3.8 percent.
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