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How Second Home Sales are Driving Price Gains

Posted To: MND NewsWire

A new report from the National Association of Realtors® (NAR) says that the demand for and sale of vacation homes soared during the pandemic. While that impetus may be winding down, we wonder if we are about to see an example of “push comes to shove” if the demand continues given the new constraints on GSE lending. NAR’s 2021Vacation Home Counties Report says vacation home says in 2020 rose by 16.4 percent against growth in existing home sales of 5.6 percent. Vacation home sales made up 5.5 percent of all existing home purchases, up from 5.0 percent in 2019. Most of the increase in activity came in the second half of the year. The boom, however, did not end with the new year. From January to April 2021, the share of vacation home sales to total existing-home sales rose to 6.7 percent and…(read more)

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