Despite seeing a decline in average gross return on investment (ROI) and average gross profit on flipped homes, California still ranked fourth among the 50 states and the District of Columbia in flipped homes as a percentage of total sales in Q2, according to RealtyTrac.
The Golden State saw 5,361 homes flipped in Q2, the most total flips in Q2 by any state or District of Columbia (Florida was second at 4,677 and Arizona was a distant third with 1,754), RealtyTrac reported. California's total accounted for 6.8 percent of all home sales in the state in Q2, which ranked it fourth behind only District of Columbia (10.2 percent), Nevada (8.1 percent), and Rhode Island (7.3 percent), according to RealtyTrac.
Even though California's total of flipped homes as a percentage of total sales declined by 25 percent quarter-over-quarter and 18 percent year-over-year, it was still good for fourth in the nation, according to RealtyTrac.
California's flipping average gross profit for Q2 of $83,383 was a dropoff from $110,784 it saw for the same quarter in 2013, but the total ranked California eighth in the nation in that category, behind D.C., Virginia, Maryland, New Jersey, Washington, Illinois, and Minnesota, RealtyTrac reported.
The big decline came for California in average gross ROI for Q2, according to RealtyTrac. The Golden State reported only 23 percent in that category, ranking it in the middle of the pack at 24th. In Q2 2013, California reported a 38 percent gross ROI, which ranked it at 16th.
In total home flips for Q2 2014, California placed two metropolitan statistical areas in the top 5 in the nation. Los Angeles-Long Beach-Santa Ana came in second (behind Phoenix) with 1,371 flips, and Riverside-San Bernardino-Ontario came in fourth with 980 flips, according to RealtyTrac. Los Angeles ranked 10th and Riverside tied for 11th among the nation's MSAs in flipped homes as a percentage of total sales with 7.5 percent and 7.4 percent, respectively.