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Vacation Home Sales Pegged at a Record High
Sales of vacation homes have been picking up as the economy grows and baby boomers retire and move from condos and rentals to outright purchases. Here, a waterfront vacation rental in Cape Cod, Mass., in 2012. PHOTO: GETTY IMAGES
Continued stock-market gains and low interest rates drove sales of vacation homes to the highest level on record last year, putting one segment of the housing market above its prerecession peak.
The National Association of Realtors estimates that vacation-home sales amounted to 1.13 million properties last year, up a robust 57.4% from 2013, which itself marked a 30% increase from 2012.
Last year’s estimated tally topped the previous high from 2006 to become the biggest year for vacation-home sales volume since the Realtor association started tracking the market in 2003. Vacation homes accounted for 21% of all sales last year, the highest share since the survey’s inception.