(NewsNation) — High prices and elevated mortgage rates are weighing on the housing market — even investors are pulling back.

U.S. real estate investors purchased roughly 52,000 homes in the second quarter, down 6% from a year earlier and the lowest springtime level since 2020, according to a new Redfin report.

That's a sharp drop from 2021, when investors bought a record 90,000 homes in a single quarter.

The slowdown shows even cash-rich investors aren't immune to high prices, elevated borrowing costs and economic uncertainty, which have sidelined many everyday buyers.

"For real estate investors, the numbers just don’t pencil out the way they did a few years ago, whether they’re looking to flip a home or rent it out," Redfin senior economist Sheharyar Bokhari said in the report.

Inves

See Full Page