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Vacation Home Sales Increase

Vacation home sales improved in 2012 according to a survey by the National Association of Realtors (NAR). The 2013 survey covering existing, and new home transactions in 2012, shows vacation-home sales rose 10.1 percent to 553,000 from 502,000 in 2011.

Vacation home sales improved in 2012 according to a survey by the National Association of Realtors (NAR).   The 2013 survey covering existing, and new home transactions in 2012, shows vacation-home sales rose 10.1 percent to 553,000 from 502,000 in 2011. Vacation-home sales accounted for 11 percent of all transactions last year, unchanged from 2011. NAR Chief Economist Lawrence Yun said favorable conditions are driving second-home sales.  “We had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes.  Attractively priced recreational property is also a big draw,” he said.

The median vacation-home price was $150,000, compared with $121,300 in 2011, reflecting a greater number of more expensive recreational property sales in 2012. All-cash purchases remain common in the vacation-home market with 46 percent. Seventy-eight percent of all second-home buyers said it was a good time to buy, compared with 68 percent of primary residence buyers.  “This suggests that second-home buyers tend to be a step ahead of general buyers in sensing a market recovery,” Yun said.

Thirty seven percent of the vacation home buyers said they were likely to purchase another vacation home within two years.

There are approximately 42.8 million people in the U.S. are ages 50-59.  An additional 43.1 million people are 40-49 years old which is the prime age for current vacation home buyers.  While 80 percent of vacation home purchases were for family retreat 27 percent plan to use it as a primary residence in the future.

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