Investor home purchases peaked at 27.6% of sales in 22Q1, up from 24.8% in 21Q4 and 19.2% in 21Q1, the first quarter of elevated investor purchases. In 2019, investor purchases averaged 16%/quarter. Numerically, investor purchases rose from 200,000/quarter in 2019, peaked at 416,000 in 21Q3, then eased to 321,000 in 22Q1, as overall sales declined. Startlingly, non-investor purchases declined 33% between 21Q2 and 22Q1, all sales fell 29%. Watch investors.