Last year was a tale of two stories for second home purchases in the U.S.
Despite home sales overall coming in at their strongest pace in a decade, sales to vacation buyers plummeted 21.6 percent to their lowest level (721,000) since 2013 (717,000). Meanwhile, the sizable demand for renting helped boost sales to individual investors by 4.5 percent.
NAR Chief Economist Lawrence Yun attributed the vacation sales decline to affordability and supply challenges, and the allure of rental income and future price appreciation for the rise in investor sales.
Check out the two infographics below summarizing the highlights of this year’s report: