Vacation Home Sales Drop, Investment Home Sales Rise
Vacation home sales took a serious fall in 2016 while investment home sales were on the rise, according to new data from the National Association of Realtors (NAR).
There were approximately 721,000 vacation home purchases last year, a 21.6 percent plummet from the 920,000 sales level in 2015. Last year’s level was the lowest for this sector since the 717,000 mark set in 2013. However, the median vacation home price in 2016 was $200,000, up 4.2 percent from 2015 ($192,000) and the highest since 2006 (also $200,000). Vacation sales accounted for 12 percent of all transactions in 2016, down from 16 percent in 2015 and the lowest level since 2012 (11 percent).