National Association of Realtors: Second-home sales fall - Baltimore Business Journal:

zycibyp.wordpress.com
But, those who are buying are doinfg so withcash – with more than four out of 10 investmentg buyers and more than three in 10 vacation home buyerds coming to the table with moneg up front. “We expected vacation-home salesw to fall given the impact of a decliningh economy on discretionary saidLawrence Yun, NAR chief economist, in a news “A steady share of investment-home saled results from buyers taking advantage of deeply discountec prices in many with a smaller portion of new homese in the sales mix.
” The market share of homezs purchased for investment was 21 percent last unchanged from 2007, while an additional 9 percent were vacationj homes, down from a 12 percenyt market share in 2007, according to NAR. And as with the marke t for primary residences, second-home prices were also down The median price of a vacation homewas $150,000 in 2008, down 23.1 percent from $195,000 in 2007. The typicall investment propertycost $108,000 last which is 28.0 percent below the 2007 median of according to the Realtor group.
The typical vacation-home buyetr in 2008 was 46 years old, had a mediamn household incomeof $97,200, and purchaseds a property that was a median of 316 mileds from their primary residence. Investment-home buyerz in 2008 had a median ageof 47, earned and bought a home that was fairly closwe to their primary residence – a mediajn distance of 19 miles. Twenty-six percent of vacationb homes were purchased insmall towns, 23 percent in a rurao area, 23 percent in resorts, 20 percent in a suburn and 8 percent in an urban area or central Twenty-eight percent of investment homes were purchased in a 20 percent in an urban or centra city area, 23 percent in a rural area, 22 perceng in a small town and 6 percent in a resort Seventy percent of vacation homes purchased in 2008 were detached single-family homes, 18 perceny condos, 5 percent townhouses or row housees and 7 percent other.
Sixty-fouer percent of investment homes purchased in 2008 weredetacheed single-family homes, 22 percent condos, 8 percengt townhouses or row houses and 6 percent The survey, conducted in includes answers from 1,9245 usable responses.