Vacation-home sales pick up steam across the country

Vacation-home sales pick up steam across the country

Real estate salespersons in vacation spots across the country say the market for second homes is picking up steam as buyers grow more confident in the residential market.

The National Association of Realtors reported a 7 percent jump in vacation sales to 502,000 last year, accounting for 11 percent of all volume. The median vacation home price was $121,000 last year, down from a peak of $204,100 in 2005, but agents in some locales say prices are beginning to creep up as the distressed inventory is moved out.

Inventory is so scarce in some markets that some real estate professionals report multiple offers. Trulia economist Jed Kolko said prices now appear to have bottomed-out. People ready to make a cash purchase or who can qualify for low mortgage rates should strongly consider buying now, according to Kolko.

Source: Tom Kelly: Real Estate Today
Originally published: Jun 19, 2012 - 11:50 am

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Dated: July 5th 2012
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