According to a new annual survey by the National Association of Realtors, vacation home sales in the U.S. cooled off in 2015 but remained at the second highest amount in nearly a decade, while investment purchases increased for the first time in five years.
Mirroring the strong price growth seen throughout the U.S., the median sales price of both vacation and investment homes surged in 2015.
NAR’s 2016 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2015, found that vacation-home sales last year declined to an estimated 920,000, down 18.5 percent from their most recent peak level of 1.13 million in 2014.
Investment-home sales in 2015 jumped 7.0 percent to an estimated 1.09 million from 1.02 million in 2014. Owner-occupied purchases jumped 15.9 percent to 3.74 million last year from 3.23 million in 2014 – the highest level since 2007 (3.93 million). Sales estimates are based on a national online survey including responses from over 2,000 U.S. adults who purchased a residential property in 2015, and exclude institutional investment activity.
Looking for an investment property in the Orlando area? Read our article in Landlord Investor Magazine.
Lawrence Yun, NAR chief economist, says vacation sales took a sizeable step back in 2015, but still came in at the second highest amount since 2006.
Read more at: World Property Journal
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