While they dominated the housing market in 2009, first time home buyers weren’t the only ones taking advantage of low mortgage rates and affordable home prices.
According to recent survey by the National Association of Realtors®, the number of people buying second properties as vacation homes rose 7.9 percent to 553,000 in 2009 from 513,000 in 2008.
The market share for vacation homes rose to 10 percent, from 9 percent in 2008, and the median home price for a vacation home was 169,000 dollars in 2009, compared to 150,000 dollars in 2008.
NAR Chief Economist Lawrence Yun said the higher home prices reflects increased sales in higher priced markets like Florida and California, where home prices “became highly attractive for buyers over the past year.”
Half of vacation homes purchased last year were in the South, 21 percent in the West, 17 percent in the Midwest and 12 percent in the Northeast.
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