The National Association of Realtors issued its annual Investment and Vacation Home Buyers Survey today covering existing and new home transactions last year and it indicated that vacation home sales rose 7.9 percent to 553,000 last year from 513,000 in 2008.
Meanwhile, it said, investment-home sales fell 15.9 percent to 940,000 last year from 1.12 million in 2008 and primary residence sales rose 7.1 percent to 4.04 million last year from 3.77 million in 2008.
The report found that only one in four vacation-home buyers plan to rent their properties to others while one in five investment buyers plan to use their homes for vacations or as a family retreat. However, it continued, 26 percent of vacation-home buyers and 8 percent of investment buyers intend to se to property as a primary residence in the future.
According to Lawrence Yun, the organization's chief economist, the median transaction price of a vacation home was $169,000 last year compared to $150,000 in 2008. Half of the vacation homes purchased last year were in the south and 21 percent in the West and seven out of 10 were detached single-family homes, according to the report.
The typical vacation-home buyer last year was 46 years old and had a median household income of $87,500 and bought a property that was a median distance of 348 miles from the primary residence. The report sai8d that three out of four second-home buyers were marri8ed couples.
The report said that an analysis of Census bureau data indicated that there are 7.9 vacation homes and 41.1 million investment units in the United States, compared with 75 million ownr-occupied homes.
Meanwhile, it said, investment-home sales fell 15.9 percent to 940,000 last year from 1.12 million in 2008 and primary residence sales rose 7.1 percent to 4.04 million last year from 3.77 million in 2008.
The report found that only one in four vacation-home buyers plan to rent their properties to others while one in five investment buyers plan to use their homes for vacations or as a family retreat. However, it continued, 26 percent of vacation-home buyers and 8 percent of investment buyers intend to se to property as a primary residence in the future.
According to Lawrence Yun, the organization's chief economist, the median transaction price of a vacation home was $169,000 last year compared to $150,000 in 2008. Half of the vacation homes purchased last year were in the south and 21 percent in the West and seven out of 10 were detached single-family homes, according to the report.
The typical vacation-home buyer last year was 46 years old and had a median household income of $87,500 and bought a property that was a median distance of 348 miles from the primary residence. The report sai8d that three out of four second-home buyers were marri8ed couples.
The report said that an analysis of Census bureau data indicated that there are 7.9 vacation homes and 41.1 million investment units in the United States, compared with 75 million ownr-occupied homes.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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