<p>作为房产翻转者或房东，盈利变得比以前更难；投资者拥有的房屋以亏损出售的比例达到了两年来的最高水平。</p>
<p>西雅图 --（商业资讯）-- 根据 Redfin 这家由 Rocket 支持的房地产经纪公司的一份新报告，美国投资者在第三季度的购房数量同比增长了 1%，总计约为 52,000 套。</p>
<p>投资者活动的停滞与整体房地产市场的停滞原因相同：今天的市场条件与推动疫情投资热潮的条件基本相反，当前的环境意味着许多买家被排除在市场之外。投资者面临额外的障碍，包括通过翻转或出租物业获利的潜力减少。</p>
<p>Redfin 的高级经济学家 Sheharyar Bokhari 表示：“投资者活动停滞不前，因为盈利变得更加困难，更多的房屋以亏损出售，租赁市场也有所放缓。投资者并没有完全撤退，但他们并没有推动房地产市场向前发展。”</p>
<p><strong>投资者购买了 17% 的所有房屋，略微高于一年前</strong></p>
<p>房地产投资者在第三季度购买了 17% 的美国出售房屋，较一年前的 16% 略有上升。</p>
<p>投资者市场份额基本保持不变，表明投资者活动的低迷与更大范围的购房市场相呼应。事实上，美国现有房屋的整体销售量与投资者购买量的温和增长大致相同。</p>
<p><strong>有几个因素共同作用，使投资者市场保持平稳：</strong></p>
<ul>
<li><strong>数学不成立。</strong> 仍然高企的房价和高额的抵押贷款利率意味着翻转者和房东在前期支付更多，同时获得更小的收益。即使是全现金投资者也面临困难的局面，因为投资者通常会申请其他类型的贷款。</li>
<li><strong>利润停滞。</strong> 全国范围内，第三季度投资者出售的房屋中有 8% 以亏损出售，较一年前的 6.5% 上升，达到了两年多来的最高水平。典型投资者通过出售房屋获得的资本收益为 182,688 美元，同比下降约 1%。与 2020 年底和 2021 年初相比，当时投资者的资本收益呈现两位数增长。</li>
<li><strong>房价开始正常化。</strong> 投资者不再期待疫情购房热潮期间常见的两位数增值。随着许多市场的房价趋于平稳——在某些地方甚至下降——投机性购买的上行空间减少。</li>
<li><strong>租金增长放缓，空置率上升。</strong> 这使得租赁物业的吸引力下降，尤其是对于希望立即获利的房东而言。由于监管收紧，短期租赁市场在某些地区也有所降温。</li>
<li><strong>经济不确定性使得投资者更倾向于观望。</strong> 经济不确定性，包括关税、地缘政治波动和疲软的劳动力市场，使投资者变得谨慎——既因为他们紧握自己的钱包，也因为他们担心购房和租赁需求减少。</li>
</ul>
<p><strong>但重要的是要强调，尽管投资者购买活动疲软，但并没有下降。</strong> 这有几个原因。首先，有基数效应：去年，投资者购买处于八年来的低点；他们没有太多下降的空间。其次，计划长期持有资产的长期投资者对高价格和利率的抵制较小，因为他们押注于房价和租金将会上涨。第三，一些投资者在市场低迷时更可能购买物业，因为竞争较少，他们可能会找到交易。</p>
<p><strong>投资者购买公寓的数量略有下降</strong></p>
<p>投资者购买的独栋住宅比一年前增加了 1%，而公寓减少了 1%，联排别墅减少了 4%。</p>
<p>值得注意的是，投资者购买公寓的数量在过去两年中一直处于十年来的低点，并且仍然如此；同比小幅下降低估了投资者购买公寓的数量之少。</p>
<p>公寓对投资者的吸引力不如以前，原因有几个：许多公寓楼的业主协会费用和特别评估费用激增，公寓投资风险越来越大——尤其是在佛罗里达州和德克萨斯州等易受气候灾害影响的地方——而公寓价值在一些地区正在下降。此外，许多投资者购买公寓是为了出租，而租金增长放缓、空置率上升以及业主协会驱动的租赁限制使得成为房东的吸引力不如以前。</p>
<p>Redfin 的经纪人表示，业主协会费用的上涨使得投资者很难为购买公寓作为投资物业辩护；额外的月费往往意味着投资者的收益计算不成立。</p>
<p><strong>投资者购买高价房屋的数量增加，中价房屋的数量减少</strong></p>
<p>按价格划分的投资者购买情况也显示出相对平稳的局面。高价房屋的购买量比一年前增加了 3%，低价房屋的购买量增加了 1%。投资者购买的中价房屋减少了 3%。</p>
<p><strong>投资者活动在拉斯维加斯和佛罗里达州下降最明显，而在西海岸上升最明显</strong></p>
<p>在拉斯维加斯，第三季度投资者购买同比下降了 20%——在本次分析的城市中降幅最大。</p>
<p>其次，佛罗里达州的降幅也很大：奥兰多的投资者购买下降了 18%，迈阿密下降了 14%，劳德代尔堡下降了 14%。投资者多年来一直在撤出佛罗里达州，因为阳光州的房地产市场受到价格下跌、高库存、业主协会费用激增和保险成本上升的影响。</p>
<p>相反，投资者在西海岸的购买量上升最多，以西雅图（37%）和旧金山（29%）为首。接下来是密尔沃基（28%）、新泽西州纽瓦克（28%）和俄勒冈州波特兰（28%）。</p>
<p>要查看完整报告，包括图表、完整的城市级数据和方法论，请访问：</p>
<p>https://www.redfin.com/news/investor-home-purchases-q3-2025</p>
<p><strong>关于 Redfin</strong></p>
<p>Redfin 是一家以技术驱动的房地产公司，拥有全国访问量最大的房地产经纪网站。作为 Rocket Companies（纽约证券交易所代码：RKT）的一部分，Redfin 正在创建一个从搜索到交易的综合房屋拥有平台，使每个人都能更负担得起和更容易实现拥有住房的梦想。Redfin 的客户可以通过按需导览首先看到房屋，轻松申请 Rocket Mortgage 的房贷，并在与顶级本地代理合作时节省数千美元的费用。</p>
<p>您可以在 Redfin.com/news 上找到有关 Redfin 的更多信息，并获取最新的房地产市场数据和研究。有关 Rocket Companies 的更多信息，请访问 RocketCompanies.com。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMDUwNTE0ODZyMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMDUwNTE0ODZyMQ"/></p>
<p>在 businesswire.com 上查看源版本：https://www.businesswire.com/news/home/20251205051486/en/</p>
<p><strong>联系 Redfin</strong></p>
<p><strong>Redfin 新闻服务：</strong></p>
<p>Kenneth Applewhaite</p>
<p>press@redfin.com</p>
<p>来源：Redfin</p>

RDFN

<p>Redfin 报告称，美国投资者在第三季度的住宅购买同比增长了 1%，投资者购买了 17% 的售出房屋。尽管如此，由于房价高企、抵押贷款利率上升以及经济不确定性，投资者的活动仍然低迷。实现利润变得更加困难，8% 的投资者售出房屋出现亏损。投资者购买的高价房屋增多，但中价房屋减少。由于物业管理费上涨和租赁限制，公寓购买量下降。长期投资者仍然活跃，押注未来的价值和租金上涨</p>

<p><em>It’s harder to make a profit as a flipper or a landlord than it used to be; the share of investor-owned homes selling at a loss is sitting at its highest level in 2 years</em></p>
<div class="lb-trans"><p>作为房产翻转者或房东，盈利变得比以前更难；投资者拥有的房屋以亏损出售的比例达到了两年来的最高水平。</p>
</div><p>SEATTLE--(BUSINESS WIRE)--U.S. investor home purchases ticked up 1% year over year in the third quarter, coming in at a total of roughly 52,000. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket.</p>
<div class="lb-trans"><p>西雅图 --（商业资讯）-- 根据 Redfin 这家由 Rocket 支持的房地产经纪公司的一份新报告，美国投资者在第三季度的购房数量同比增长了 1%，总计约为 52,000 套。</p>
</div><p>Investor activity has flattened for the same reason the housing market as a whole is stagnant: Today’s market conditions are essentially the opposite of those that fueled the pandemic investment boom, and the current environment means many buyers are priced out of the market. Investors face additional roadblocks, including less potential to make a profit by flipping or renting out a property.</p>
<div class="lb-trans"><p>投资者活动的停滞与整体房地产市场的停滞原因相同：今天的市场条件与推动疫情投资热潮的条件基本相反，当前的环境意味着许多买家被排除在市场之外。投资者面临额外的障碍，包括通过翻转或出租物业获利的潜力减少。</p>
</div><p>“Investor activity is stuck in neutral because profits are harder to come by, more homes are selling at a loss, and the rental market has softened,” said Sheharyar Bokhari, a senior economist at Redfin. “Investors aren’t completely retreating, but they’re not driving the housing market forward.”</p>
<div class="lb-trans"><p>Redfin 的高级经济学家 Sheharyar Bokhari 表示：“投资者活动停滞不前，因为盈利变得更加困难，更多的房屋以亏损出售，租赁市场也有所放缓。投资者并没有完全撤退，但他们并没有推动房地产市场向前发展。”</p>
</div><p><strong>Investors Purchase 17% of All Homes, Up Slightly From a Year Ago</strong></p>
<div class="lb-trans"><p><strong>投资者购买了 17% 的所有房屋，略微高于一年前</strong></p>
</div><p>Real estate investors purchased 17% of U.S. homes that sold in the third quarter, up marginally from 16% a year earlier.</p>
<div class="lb-trans"><p>房地产投资者在第三季度购买了 17% 的美国出售房屋，较一年前的 16% 略有上升。</p>
</div><p>The mostly unchanged investor market share signals that the sluggishness of investor activity mirrors that of the larger homebuying market. In fact, overall existing U.S. home sales are posting roughly the same modest increase as investor purchases.</p>
<div class="lb-trans"><p>投资者市场份额基本保持不变，表明投资者活动的低迷与更大范围的购房市场相呼应。事实上，美国现有房屋的整体销售量与投资者购买量的温和增长大致相同。</p>
</div><p><strong>There are several forces converging to keep the investor market flat:</strong></p>
<div class="lb-trans"><p><strong>有几个因素共同作用，使投资者市场保持平稳：</strong></p>
</div><ul>
<li><strong>The math isn’t mathing.</strong> Still-high home prices and elevated mortgage rates mean both flippers and landlords are paying more upfront while earning smaller yields. Even all-cash investors are facing a tough equation, because investors often take out other types of loans.</li>
<li><strong>Stagnant profits.</strong> Nationwide, 8% of homes investors offloaded in the third quarter sold at a loss—up from 6.5% a year earlier and the highest level in more than two years. The typical investor earned $182,688 in capital gains via selling a home, down roughly 1% year over year. Compare that to late 2020 and early 2021, when investor capital gains were posting double-digit increases.</li>
<li><strong>Home values have started to normalize.</strong> Investors aren’t expecting the double-digit appreciation common during the pandemic homebuying boom. With home values flattening in many markets—and falling in some—speculative buying has less upside.</li>
<li><strong>Rent growth has cooled, and vacancies are rising.</strong> That makes rental properties less attractive, especially for landlords hoping to earn money instantly. The short-term rental market has cooled in some areas, too, due to tightened regulations.</li>
<li><strong>Economic uncertainty tips the scales toward staying on the sidelines</strong>. Economic uncertainty, including tariffs, geopolitical volatility, and a weakening labor market, makes investors cautious—both because they’re holding tight to their own pocketbooks, and they’re concerned about less homebuying and renting demand.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>数学不成立。</strong> 仍然高企的房价和高额的抵押贷款利率意味着翻转者和房东在前期支付更多，同时获得更小的收益。即使是全现金投资者也面临困难的局面，因为投资者通常会申请其他类型的贷款。</li>
<li><strong>利润停滞。</strong> 全国范围内，第三季度投资者出售的房屋中有 8% 以亏损出售，较一年前的 6.5% 上升，达到了两年多来的最高水平。典型投资者通过出售房屋获得的资本收益为 182,688 美元，同比下降约 1%。与 2020 年底和 2021 年初相比，当时投资者的资本收益呈现两位数增长。</li>
<li><strong>房价开始正常化。</strong> 投资者不再期待疫情购房热潮期间常见的两位数增值。随着许多市场的房价趋于平稳——在某些地方甚至下降——投机性购买的上行空间减少。</li>
<li><strong>租金增长放缓，空置率上升。</strong> 这使得租赁物业的吸引力下降，尤其是对于希望立即获利的房东而言。由于监管收紧，短期租赁市场在某些地区也有所降温。</li>
<li><strong>经济不确定性使得投资者更倾向于观望。</strong> 经济不确定性，包括关税、地缘政治波动和疲软的劳动力市场，使投资者变得谨慎——既因为他们紧握自己的钱包，也因为他们担心购房和租赁需求减少。</li>
</ul>
</div><p><strong>But it’s important to emphasize that while investor purchases are sluggish, they aren’t falling.</strong> There are a few reasons for that. One, there’s a base effect: Last year, investor purchases were sitting at an eight-year low; there wasn’t much room for them to fall. Two, long-term investors who plan to hold assets for a long time are less deterred by high prices and rates because they’re betting home values and rents will rise. And three, some investors are more likely to buy up properties when the market is slow because there’s less competition and they may find deals.</p>
<div class="lb-trans"><p><strong>但重要的是要强调，尽管投资者购买活动疲软，但并没有下降。</strong> 这有几个原因。首先，有基数效应：去年，投资者购买处于八年来的低点；他们没有太多下降的空间。其次，计划长期持有资产的长期投资者对高价格和利率的抵制较小，因为他们押注于房价和租金将会上涨。第三，一些投资者在市场低迷时更可能购买物业，因为竞争较少，他们可能会找到交易。</p>
</div><p><strong>Investor Purchases of Condos Are Down Slightly</strong></p>
<div class="lb-trans"><p><strong>投资者购买公寓的数量略有下降</strong></p>
</div><p>Investors bought 1% more single-family homes than a year earlier, while they purchased 1% fewer condos and 4% fewer townhouses.</p>
<div class="lb-trans"><p>投资者购买的独栋住宅比一年前增加了 1%，而公寓减少了 1%，联排别墅减少了 4%。</p>
</div><p>It’s worth noting that investor purchases of condos have been sitting around a decade-low for the last two years, and they continue to do so; the small year-over-year decline understates how few condos investors are buying.</p>
<div class="lb-trans"><p>值得注意的是，投资者购买公寓的数量在过去两年中一直处于十年来的低点，并且仍然如此；同比小幅下降低估了投资者购买公寓的数量之少。</p>
</div><p>Condos aren’t as attractive to investors as they used to be for several reasons: Many condo buildings are seeing surges in HOA fees and special assessments, condos are an increasingly risky investment—especially in places like Florida and Texas where they’re vulnerable to climate disasters—and condo values are falling in some parts of the country. Additionally, many investors buy condos to rent them out, and slowing rent growth, rising vacancies, and HOA-driven rental restrictions are making becoming a landlord less attractive than it used to be.</p>
<div class="lb-trans"><p>公寓对投资者的吸引力不如以前，原因有几个：许多公寓楼的业主协会费用和特别评估费用激增，公寓投资风险越来越大——尤其是在佛罗里达州和德克萨斯州等易受气候灾害影响的地方——而公寓价值在一些地区正在下降。此外，许多投资者购买公寓是为了出租，而租金增长放缓、空置率上升以及业主协会驱动的租赁限制使得成为房东的吸引力不如以前。</p>
</div><p>Redfin agents say rising HOA fees are making it especially difficult for investors to justify buying a condo as an investment property; the extra monthly fees often mean the math doesn’t work out in the investor’s favor.</p>
<div class="lb-trans"><p>Redfin 的经纪人表示，业主协会费用的上涨使得投资者很难为购买公寓作为投资物业辩护；额外的月费往往意味着投资者的收益计算不成立。</p>
</div><p><strong>Investors Are Buying More High-Priced Homes, Fewer Mid-Priced Homes</strong></p>
<div class="lb-trans"><p><strong>投资者购买高价房屋的数量增加，中价房屋的数量减少</strong></p>
</div><p>Breaking investor purchases down by price also paints a fairly stagnant picture. Purchases of high-priced homes rose 3% from a year earlier and purchases of low-priced homes increased 1%. Investors bought 3% fewer mid-priced homes.</p>
<div class="lb-trans"><p>按价格划分的投资者购买情况也显示出相对平稳的局面。高价房屋的购买量比一年前增加了 3%，低价房屋的购买量增加了 1%。投资者购买的中价房屋减少了 3%。</p>
</div><p><strong>Investor Activity Is Falling Most in Las Vegas and Florida, and Rising Most on the West Coast</strong></p>
<div class="lb-trans"><p><strong>投资者活动在拉斯维加斯和佛罗里达州下降最明显，而在西海岸上升最明显</strong></p>
</div><p>In Las Vegas, investor purchases fell 20% year over year in the third quarter—the biggest decline among the metros in this analysis.</p>
<div class="lb-trans"><p>在拉斯维加斯，第三季度投资者购买同比下降了 20%——在本次分析的城市中降幅最大。</p>
</div><p>The next-biggest declines were all in Florida: Investor purchases fell 18% in Orlando, 14% in Miami, and 14% in Fort Lauderdale. Investors have been retreating from Florida for years because the Sunshine State’s housing market has been suffering from dropping prices, high inventory, surging HOA fees and rising insurance costs.</p>
<div class="lb-trans"><p>其次，佛罗里达州的降幅也很大：奥兰多的投资者购买下降了 18%，迈阿密下降了 14%，劳德代尔堡下降了 14%。投资者多年来一直在撤出佛罗里达州，因为阳光州的房地产市场受到价格下跌、高库存、业主协会费用激增和保险成本上升的影响。</p>
</div><p>On the flip side, investor purchases rose most on the West Coast, led by Seattle (37%) and San Francisco (29%). Next come Milwaukee (28%), Newark, NJ (28%) and Portland, OR (28%).</p>
<div class="lb-trans"><p>相反，投资者在西海岸的购买量上升最多，以西雅图（37%）和旧金山（29%）为首。接下来是密尔沃基（28%）、新泽西州纽瓦克（28%）和俄勒冈州波特兰（28%）。</p>
</div><p>To view the full report, including charts, full metro-level data, and methodology, please visit:</p>
<div class="lb-trans"><p>要查看完整报告，包括图表、完整的城市级数据和方法论，请访问：</p>
</div><p>https://www.redfin.com/news/investor-home-purchases-q3-2025</p>
<div class="lb-trans"><p>https://www.redfin.com/news/investor-home-purchases-q3-2025</p>
</div><p><strong>About Redfin</strong></p>
<div class="lb-trans"><p><strong>关于 Redfin</strong></p>
</div><p>Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin’s clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.</p>
<div class="lb-trans"><p>Redfin 是一家以技术驱动的房地产公司，拥有全国访问量最大的房地产经纪网站。作为 Rocket Companies（纽约证券交易所代码：RKT）的一部分，Redfin 正在创建一个从搜索到交易的综合房屋拥有平台，使每个人都能更负担得起和更容易实现拥有住房的梦想。Redfin 的客户可以通过按需导览首先看到房屋，轻松申请 Rocket Mortgage 的房贷，并在与顶级本地代理合作时节省数千美元的费用。</p>
</div><p>You can find more information about Redfin and get the latest housing market data and research at Redfin.com/news. For more information about Rocket Companies, visit RocketCompanies.com.</p>
<div class="lb-trans"><p>您可以在 Redfin.com/news 上找到有关 Redfin 的更多信息，并获取最新的房地产市场数据和研究。有关 Rocket Companies 的更多信息，请访问 RocketCompanies.com。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMDUwNTE0ODZyMQ" alt="" original-src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20251205051486r1&amp;sid=acqr8&amp;distro=nx&amp;lang=en"/></p>
<p>View source version on businesswire.com: https://www.businesswire.com/news/home/20251205051486/en/</p>
<div class="lb-trans"><p>在 businesswire.com 上查看源版本：https://www.businesswire.com/news/home/20251205051486/en/</p>
</div><p><strong>Contact Redfin</strong></p>
<div class="lb-trans"><p><strong>联系 Redfin</strong></p>
</div><p><strong>Redfin Journalist Services:</strong></p>
<div class="lb-trans"><p><strong>Redfin 新闻服务：</strong></p>
</div><p>Kenneth Applewhaite</p>
<div class="lb-trans"><p>Kenneth Applewhaite</p>
</div><p>press@redfin.com</p>
<div class="lb-trans"><p>press@redfin.com</p>
</div><p>Source: Redfin</p>
<div class="lb-trans"><p>来源：Redfin</p>
</div>

RedFin 报告称投资者活动低迷，房屋购买量上升 1%，市场份额保持稳定 | RKT 股票新闻