Saturday, March 29, 2008

Vacation-Home Sales Plummet

clipped from
After hitting a record in 2006, sales of vacation homes declined last year as would-be buyers held off purchasing retreats, the National Association of Realtors said.
vacation home
Vacation-home sales fell 31% to 740,000 in 2007, from 1.07 million in 2006
Homes bought purely for investment dropped 18% to 1.35 million last year

Those who did buy vacation homes last year saw more affordable prices. The median price of a vacation home was $195,000 in 2007, down 2.5% from $200,000 in 2006, according to NAR. Twenty-eight percent of vacation-home buyers made the purchase with cash.

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