<p>作為房產翻轉者或房東，盈利變得比以前更難；投資者擁有的房屋以虧損出售的比例達到了兩年來的最高水平。</p>
<p>西雅圖 --（商業資訊）-- 根據 Redfin 這家由 Rocket 支持的房地產經紀公司的一份新報告，美國投資者在第三季度的購房數量同比增長了 1%，總計約為 52,000 套。</p>
<p>投資者活動的停滯與整體房地產市場的停滯原因相同：今天的市場條件與推動疫情投資熱潮的條件基本相反，當前的環境意味着許多買家被排除在市場之外。投資者面臨額外的障礙，包括通過翻轉或出租物業獲利的潛力減少。</p>
<p>Redfin 的高級經濟學家 Sheharyar Bokhari 表示：“投資者活動停滯不前，因為盈利變得更加困難，更多的房屋以虧損出售，租賃市場也有所放緩。投資者並沒有完全撤退，但他們並沒有推動房地產市場向前發展。”</p>
<p><strong>投資者購買了 17% 的所有房屋，略微高於一年前</strong></p>
<p>房地產投資者在第三季度購買了 17% 的美國出售房屋，較一年前的 16% 略有上升。</p>
<p>投資者市場份額基本保持不變，表明投資者活動的低迷與更大範圍的購房市場相呼應。事實上，美國現有房屋的整體銷售量與投資者購買量的温和增長大致相同。</p>
<p><strong>有幾個因素共同作用，使投資者市場保持平穩：</strong></p>
<ul>
<li><strong>數學不成立。</strong> 仍然高企的房價和高額的抵押貸款利率意味着翻轉者和房東在前期支付更多，同時獲得更小的收益。即使是全現金投資者也面臨困難的局面，因為投資者通常會申請其他類型的貸款。</li>
<li><strong>利潤停滯。</strong> 全國範圍內，第三季度投資者出售的房屋中有 8% 以虧損出售，較一年前的 6.5% 上升，達到了兩年多來的最高水平。典型投資者通過出售房屋獲得的資本收益為 182,688 美元，同比下降約 1%。與 2020 年底和 2021 年初相比，當時投資者的資本收益呈現兩位數增長。</li>
<li><strong>房價開始正常化。</strong> 投資者不再期待疫情購房熱潮期間常見的兩位數增值。隨着許多市場的房價趨於平穩——在某些地方甚至下降——投機性購買的上行空間減少。</li>
<li><strong>租金增長放緩，空置率上升。</strong> 這使得租賃物業的吸引力下降，尤其是對於希望立即獲利的房東而言。由於監管收緊，短期租賃市場在某些地區也有所降温。</li>
<li><strong>經濟不確定性使得投資者更傾向於觀望。</strong> 經濟不確定性，包括關税、地緣政治波動和疲軟的勞動力市場，使投資者變得謹慎——既因為他們緊握自己的錢包，也因為他們擔心購房和租賃需求減少。</li>
</ul>
<p><strong>但重要的是要強調，儘管投資者購買活動疲軟，但並沒有下降。</strong> 這有幾個原因。首先，有基數效應：去年，投資者購買處於八年來的低點；他們沒有太多下降的空間。其次，計劃長期持有資產的長期投資者對高價格和利率的抵制較小，因為他們押注於房價和租金將會上漲。第三，一些投資者在市場低迷時更可能購買物業，因為競爭較少，他們可能會找到交易。</p>
<p><strong>投資者購買公寓的數量略有下降</strong></p>
<p>投資者購買的獨棟住宅比一年前增加了 1%，而公寓減少了 1%，聯排別墅減少了 4%。</p>
<p>值得注意的是，投資者購買公寓的數量在過去兩年中一直處於十年來的低點，並且仍然如此；同比小幅下降低估了投資者購買公寓的數量之少。</p>
<p>公寓對投資者的吸引力不如以前，原因有幾個：許多公寓樓的業主協會費用和特別評估費用激增，公寓投資風險越來越大——尤其是在佛羅里達州和德克薩斯州等易受氣候災害影響的地方——而公寓價值在一些地區正在下降。此外，許多投資者購買公寓是為了出租，而租金增長放緩、空置率上升以及業主協會驅動的租賃限制使得成為房東的吸引力不如以前。</p>
<p>Redfin 的經紀人表示，業主協會費用的上漲使得投資者很難為購買公寓作為投資物業辯護；額外的月費往往意味着投資者的收益計算不成立。</p>
<p><strong>投資者購買高價房屋的數量增加，中價房屋的數量減少</strong></p>
<p>按價格劃分的投資者購買情況也顯示出相對平穩的局面。高價房屋的購買量比一年前增加了 3%，低價房屋的購買量增加了 1%。投資者購買的中價房屋減少了 3%。</p>
<p><strong>投資者活動在拉斯維加斯和佛羅里達州下降最明顯，而在西海岸上升最明顯</strong></p>
<p>在拉斯維加斯，第三季度投資者購買同比下降了 20%——在本次分析的城市中降幅最大。</p>
<p>其次，佛羅里達州的降幅也很大：奧蘭多的投資者購買下降了 18%，邁阿密下降了 14%，勞德代爾堡下降了 14%。投資者多年來一直在撤出佛羅里達州，因為陽光州的房地產市場受到價格下跌、高庫存、業主協會費用激增和保險成本上升的影響。</p>
<p>相反，投資者在西海岸的購買量上升最多，以西雅圖（37%）和舊金山（29%）為首。接下來是密爾沃基（28%）、新澤西州紐瓦克（28%）和俄勒岡州波特蘭（28%）。</p>
<p>要查看完整報告，包括圖表、完整的城市級數據和方法論，請訪問：</p>
<p>https://www.redfin.com/news/investor-home-purchases-q3-2025</p>
<p><strong>關於 Redfin</strong></p>
<p>Redfin 是一家以技術驅動的房地產公司，擁有全國訪問量最大的房地產經紀網站。作為 Rocket Companies（紐約證券交易所代碼：RKT）的一部分，Redfin 正在創建一個從搜索到交易的綜合房屋擁有平台，使每個人都能更負擔得起和更容易實現擁有住房的夢想。Redfin 的客户可以通過按需導覽首先看到房屋，輕鬆申請 Rocket Mortgage 的房貸，並在與頂級本地代理合作時節省數千美元的費用。</p>
<p>您可以在 Redfin.com/news 上找到有關 Redfin 的更多信息，並獲取最新的房地產市場數據和研究。有關 Rocket Companies 的更多信息，請訪問 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>聯繫 Redfin</strong></p>
<p><strong>Redfin 新聞服務：</strong></p>
<p>Kenneth Applewhaite</p>
<p>press@redfin.com</p>
<p>來源：Redfin</p>

RDFN

<p>Redfin 報告稱，美國投資者在第三季度的住宅購買同比增長了 1%，投資者購買了 17% 的售出房屋。儘管如此，由於房價高企、抵押貸款利率上升以及經濟不確定性，投資者的活動仍然低迷。實現利潤變得更加困難，8% 的投資者售出房屋出現虧損。投資者購買的高價房屋增多，但中價房屋減少。由於物業管理費上漲和租賃限制，公寓購買量下降。長期投資者仍然活躍，押注未來的價值和租金上漲</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>作為房產翻轉者或房東，盈利變得比以前更難；投資者擁有的房屋以虧損出售的比例達到了兩年來的最高水平。</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>西雅圖 --（商業資訊）-- 根據 Redfin 這家由 Rocket 支持的房地產經紀公司的一份新報告，美國投資者在第三季度的購房數量同比增長了 1%，總計約為 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>投資者活動的停滯與整體房地產市場的停滯原因相同：今天的市場條件與推動疫情投資熱潮的條件基本相反，當前的環境意味着許多買家被排除在市場之外。投資者面臨額外的障礙，包括通過翻轉或出租物業獲利的潛力減少。</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 的高級經濟學家 Sheharyar Bokhari 表示：“投資者活動停滯不前，因為盈利變得更加困難，更多的房屋以虧損出售，租賃市場也有所放緩。投資者並沒有完全撤退，但他們並沒有推動房地產市場向前發展。”</p>
</div><p><strong>Investors Purchase 17% of All Homes, Up Slightly From a Year Ago</strong></p>
<div class="lb-trans"><p><strong>投資者購買了 17% 的所有房屋，略微高於一年前</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>房地產投資者在第三季度購買了 17% 的美國出售房屋，較一年前的 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>投資者市場份額基本保持不變，表明投資者活動的低迷與更大範圍的購房市場相呼應。事實上，美國現有房屋的整體銷售量與投資者購買量的温和增長大致相同。</p>
</div><p><strong>There are several forces converging to keep the investor market flat:</strong></p>
<div class="lb-trans"><p><strong>有幾個因素共同作用，使投資者市場保持平穩：</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>數學不成立。</strong> 仍然高企的房價和高額的抵押貸款利率意味着翻轉者和房東在前期支付更多，同時獲得更小的收益。即使是全現金投資者也面臨困難的局面，因為投資者通常會申請其他類型的貸款。</li>
<li><strong>利潤停滯。</strong> 全國範圍內，第三季度投資者出售的房屋中有 8% 以虧損出售，較一年前的 6.5% 上升，達到了兩年多來的最高水平。典型投資者通過出售房屋獲得的資本收益為 182,688 美元，同比下降約 1%。與 2020 年底和 2021 年初相比，當時投資者的資本收益呈現兩位數增長。</li>
<li><strong>房價開始正常化。</strong> 投資者不再期待疫情購房熱潮期間常見的兩位數增值。隨着許多市場的房價趨於平穩——在某些地方甚至下降——投機性購買的上行空間減少。</li>
<li><strong>租金增長放緩，空置率上升。</strong> 這使得租賃物業的吸引力下降，尤其是對於希望立即獲利的房東而言。由於監管收緊，短期租賃市場在某些地區也有所降温。</li>
<li><strong>經濟不確定性使得投資者更傾向於觀望。</strong> 經濟不確定性，包括關税、地緣政治波動和疲軟的勞動力市場，使投資者變得謹慎——既因為他們緊握自己的錢包，也因為他們擔心購房和租賃需求減少。</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>但重要的是要強調，儘管投資者購買活動疲軟，但並沒有下降。</strong> 這有幾個原因。首先，有基數效應：去年，投資者購買處於八年來的低點；他們沒有太多下降的空間。其次，計劃長期持有資產的長期投資者對高價格和利率的抵制較小，因為他們押注於房價和租金將會上漲。第三，一些投資者在市場低迷時更可能購買物業，因為競爭較少，他們可能會找到交易。</p>
</div><p><strong>Investor Purchases of Condos Are Down Slightly</strong></p>
<div class="lb-trans"><p><strong>投資者購買公寓的數量略有下降</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>投資者購買的獨棟住宅比一年前增加了 1%，而公寓減少了 1%，聯排別墅減少了 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，投資者購買公寓的數量在過去兩年中一直處於十年來的低點，並且仍然如此；同比小幅下降低估了投資者購買公寓的數量之少。</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>公寓對投資者的吸引力不如以前，原因有幾個：許多公寓樓的業主協會費用和特別評估費用激增，公寓投資風險越來越大——尤其是在佛羅里達州和德克薩斯州等易受氣候災害影響的地方——而公寓價值在一些地區正在下降。此外，許多投資者購買公寓是為了出租，而租金增長放緩、空置率上升以及業主協會驅動的租賃限制使得成為房東的吸引力不如以前。</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 的經紀人表示，業主協會費用的上漲使得投資者很難為購買公寓作為投資物業辯護；額外的月費往往意味着投資者的收益計算不成立。</p>
</div><p><strong>Investors Are Buying More High-Priced Homes, Fewer Mid-Priced Homes</strong></p>
<div class="lb-trans"><p><strong>投資者購買高價房屋的數量增加，中價房屋的數量減少</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>按價格劃分的投資者購買情況也顯示出相對平穩的局面。高價房屋的購買量比一年前增加了 3%，低價房屋的購買量增加了 1%。投資者購買的中價房屋減少了 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>投資者活動在拉斯維加斯和佛羅里達州下降最明顯，而在西海岸上升最明顯</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>在拉斯維加斯，第三季度投資者購買同比下降了 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，佛羅里達州的降幅也很大：奧蘭多的投資者購買下降了 18%，邁阿密下降了 14%，勞德代爾堡下降了 14%。投資者多年來一直在撤出佛羅里達州，因為陽光州的房地產市場受到價格下跌、高庫存、業主協會費用激增和保險成本上升的影響。</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，投資者在西海岸的購買量上升最多，以西雅圖（37%）和舊金山（29%）為首。接下來是密爾沃基（28%）、新澤西州紐瓦克（28%）和俄勒岡州波特蘭（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>要查看完整報告，包括圖表、完整的城市級數據和方法論，請訪問：</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>關於 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 是一家以技術驅動的房地產公司，擁有全國訪問量最大的房地產經紀網站。作為 Rocket Companies（紐約證券交易所代碼：RKT）的一部分，Redfin 正在創建一個從搜索到交易的綜合房屋擁有平台，使每個人都能更負擔得起和更容易實現擁有住房的夢想。Redfin 的客户可以通過按需導覽首先看到房屋，輕鬆申請 Rocket Mortgage 的房貸，並在與頂級本地代理合作時節省數千美元的費用。</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 上找到有關 Redfin 的更多信息，並獲取最新的房地產市場數據和研究。有關 Rocket Companies 的更多信息，請訪問 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>聯繫 Redfin</strong></p>
</div><p><strong>Redfin Journalist Services:</strong></p>
<div class="lb-trans"><p><strong>Redfin 新聞服務：</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>來源：Redfin</p>
</div>

RedFin 報告稱投資者活動低迷，房屋購買量上升 1%，市場份額保持穩定 | RKT 股票新聞