Just as national home prices were bottoming in early 2012 following the crash that started in 2007, institutional buyer Invitation Homes (owned by Blackstone at the time) was entering the U.S. housing market and looking for deals at rock-bottom prices. Within a year, the single-family rental operator had acquired around 24,000 homes.
Fast-forward to the pandemic, and Dallas-based Invitation Homes once again went on a homebuying spree as soaring rents and home prices—coupled with low borrowing costs and easy access to capital—created a once-in-a-generation house-buying opportunity. At the height of the pandemic boom, Invitation Homes bought 1,684 homes in the third quarter of 2021.
That pandemic-era bull rush is over now. Not only are many institutional homebuyers on pause, many are outright net sellers. We’re passing through something of an institutional homebuyer freeze.
On Wednesday, we learned that Invitation Homes—the country’s largest owner of U.S. single-family homes—sold off more homes (378) than it acquired (276) in the second quarter of 2023. That marks the third straight quarter that the rental operator was a net seller.
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Source: finance.yahoo.com
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