House flipping up 9 percent in Q3 in Las Vegas, Reno
LAS VEGAS (AP) -- Analysts say more homes are being flipped in Las Vegas and Reno than this time last year, bucking the national trend of less flipping.
RealtyTrac released a report Thursday showing a 9 percent year-over-year increase in house flipping in the third quarter in Nevada's two largest metro areas.
The firm defines flipping as buying a house and selling it again within six months.
Nationally, flipping is down 13 percent in the quarter ending in September compared with the same period in 2012.
RealtyTrac Vice President Daren Blomquist says that's because rising home prices and fewer foreclosures are making it harder to make a quick profit on flipping a low- or mid-priced home.
The average house flip in Las Vegas earned the seller a $53,000 profit in the third quarter.