House flipping remains fruitful in Las Vegas, if not elsewhere
The nationwide slowdown in house flipping isn’t nearly as sluggish in Nevada.
The Silver State had 1,014 single-family home flips in the third quarter, down 16 percent from the second quarter but down just 1 percent from a year ago, according to a new report from RealtyTrac.
Nationally, house flipping fell 35 percent from the second quarter and 13 percent year-to-year.
In the Las Vegas area, the volume of flipping dropped 15 percent from the second quarter but rose 9 percent from a year ago, to 780 transactions in the three months ending Sept. 30, the report found.
RealtyTrac, based in Irvine, Calif., defines flipping as selling a house within six months of buying it.
The practice was rampant during Las Vegas’ housing bubble, when investors with no real estate expertise — but backed by easily obtained loans — bought property and sold it for profit a short time later.
And though it’s not nearly as common as it once was, flipping remains a profitable business. House flippers in the Las Vegas area booked an average profit of $53,503 per deal in the third quarter, compared to $54,927 nationally, according to RealtyTrac.