According to a new report from the National Association of Realtors, vacation home sales were down 21.6% in 2016, representing their lowest level since 2013. However, during the same period, investment-home sales rose 4.5% to 1.14 million and owner-occupied purchases jumped 12.5%. The data comes from the NAR’s annual second-home survey which also found that vacation and investment buyers in 2016 were more likely to take out a mortgage and use their property as a short-term rental. Where have we heard that term before???
“…home prices have soared in recent years because substantial buyer demand from strong job growth continues to outstrip the supply of homes for sale…With fewer bargain-priced properties to choose from and a growing number of traditional buyers, finding a home for vacation purposes became more difficult and less affordable last year.” Said Lawrence Yun, NAR’s chief economist.
Click here to read the full report.
