Homeowners who sold their property in the last quarter of 2017 realized the highest average profit in more than a decade, according to the real estate analytics company ATTOM Data Solutions.

In its U.S. Home Sales Report for the fourth quarter of 2017, ATTOM Data Solutions determined that the average seller saw a home price gain of $54,000 since purchase. This average was up only $268 from the previous quarter, but a year-over-year increase of $6,867 and the highest average price gain since the third quarter of 2007.

The average seller's return on investment was 29.7 percent. This was up from 28.8 percent in the third quarter of 2017 and 26.8 percent in the fourth quarter of 2016. The average return since purchase was also at its highest point since the third quarter of 2007.

"It's the most profitable time to sell a home in more than 10 years, yet homeowners are staying put longer than we've ever seen," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "While home sellers on the West Coast are realizing the biggest profits, rapid home price appreciation in red state markets is rivaling that of the high-flying coastal markets and producing sizable profits for home sellers in those middle-American markets as well."

Sellers who found a buyer for their home in the fourth quarter of 2017 had been living at the residence for an average of 8.18 years, the longest homeownership tenure since data was available in the first quarter of 2000. The average was up from 8.12 years in the previous quarter and 7.78 years in the previous year.

The New London-Norwich metro area was one of 10 of the 108 metros included in the homeownership tenure analysis where homeowners were spending less time in their property. The average tenure was down 5 percent in this area, followed by 3 percent in Denver and 2 percent in Bremerton-Silverdale, Wash.

Among the 155 metropolitan statistical areas analyzed for return on investment, West Coast sellers saw the most profit. In San Jose, Calif., the average seller realized a 90.9 percent return on investment, or a price gain of $500,000. This was followed by San Francisco, with a 73.3 percent return on investment and average gain of $330,000.

In Connecticut, the Hartford metro area had an average return on investment of 15 percent and price gain of $26,400. The New Haven metro area had an average return of 10.6 percent and gain of $19,000, while the Bridgeport metro area had an average return of 11.6 percent and gain of $38,000.

ATTOM Data Solutions determined that homes sold in 2017 had a median price of $235,000, a year-over-year increase of 8.3 percent. Price growth slowed slightly from the median annual gain of 8.5 percent in 2016.

Several markets saw strong single-year price gains in 2017. Among the 112 metro areas with a population of 200,000 or more, the largest annual gains were in Ocala, Fla. (14.3 percent), Kansas City, Mo. (13.4 percent), and San Jose (13.3 percent).

In cities with a population of at least 1 million, the most significant year-over-year price gains were in Las Vegas (12.3 percent), Salt Lake City (10.9 percent), and Seattle (10.8 percent). Sixty-four cities had new record highs for home prices.

All-cash sales were up in 2017, following four years of declines. ATTOM Data Solutions determined that 29 percent of single-family homes and condominiums sold in 2017 were purchased without financing, up from 28.7 percent in 2016 and 20.3 percent for the pre-recession period of 2000 to 2007.

Among 156 metro areas with a population of at least 200,000 and sufficient data on cash sales, homes were most likely to be bought without financing in Mobile, Ala. A total of 69.8 percent of home sales in this city were made with cash. Other cities with a high share of all-cash sales included Binghamton, N.Y. (60.9 percent), Macon, Ga. (57.7 percent), and Columbus, Ga. (56.2 percent).

Distressed sales such as foreclosures and short sales were less common, accounting for 14 percent of 2017 sales. This was down from 15.5 percent in the previous year and a peak of 38.6 percent in 2011.

In an analysis of 203 metro areas with a population of 200,000 or more, distressed sales were most common in Atlantic City, N.J., where they made up 39.4 percent of transactions. This was followed by Mobile (32 percent), Montgomery, Ala. (29.9 percent), and Fayetteville, N.C. (27.3 percent). In cities of 1 million or more, distressed sales were most common in Philadelphia (23.8 percent), Baltimore (23.1 percent), and Cleveland (22.8 percent).

Distressed sales were up by 31 percent in the District of Columbia, and also increased in 12 other states in 2017. These included Delaware (up 21 percent), Louisiana (up 19 percent), and New York (up 10 percent).

Institutional investors, or people purchasing more than 10 properties in a calendar year, made up 2.6 percent of single-family home and condo sales in 2017. This was down from 3 percent in 2016.

ATTOM Data Solutions looked at 182 metro areas with populations of at least 200,000 and sufficient investor data, and found that individual investors were most active in Memphis, Tenn. Here, they made up one in 10 sales in 2017. Other areas with a high share of investor activity included Columbus, Ga. (8.6 percent), Birmingham (8.3 percent), and Killeen, Texas (7.3 percent).

Sales to buyers using FHA mortgages fell from 15.4 percent in 2016 to 13.6 percent, the lowest share since 2014. Between 2000 and 2007, an average of 7 percent of buyers used this type of loan. Sales to FHA buyers were most common in El Paso, Texas (29.4 percent), Beaumont-Port Arthur, Texas (27.9 percent), and Merced, Calif. (27.2 percent).

ATTOM Data Solutions bases its sales reports on publicly recorded sales deeds, foreclosure filings, and loans. Statistics for previous quarters are revised as new information becomes available.