U.S. vacation home sales have fallen by nearly three-quarters from their frenzied pace three years ago as an inventory shortage spawns a wrenching correction...
NEW YORK - U.S. vacation home sales have fallen by nearly three-quarters from their frenzied pace three years ago as an inventory shortage spawns a wrenching correction in the second-homes market.
The market for second homes is dominated by wealthier buyers less sensitive to the jump in interest rates and the persistence of high home prices, but inventory remains a barrier. Remote work policies and quarantine regulations that kept Americans in their homes during the height of the COVID pandemic stoked a frenzy of vacation-home buying as more people looked to invest in space.
With most buyers purchasing homes built in the 1980s, renovations on existing houses overall are rising, according to the NAR. But the decline in vacation home purchases cuts into the strong customer base for remodelers because second-home buyers often have higher average incomes than cash-strapped first-time home buyers, said Jessica Lautz, NAR's deputy chief economist.
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