Home flipping in the Tampa Bay area has picked up again but profits are dropping as home prices rise.
In the second quarter of this year, 1,671 homes were flipped, nearly 400 more than in the first quarter, ATTOM Data Solutions reported Thursday. But flips in the second quarter returned an average gross profit of 56.3 percent compared to 63 percent in the same period a year earlier.
The typical Tampa Bay flip is an older home with about 1,3500 square feet. Flips — defined as a home bought and resold in an arm's length transaction in a 12-month period — accounted for nearly 9 percent of all Tampa Bay home sales in April, May and June.