Sociable

Thursday, March 31, 2011

Want a vacation home? Prices are falling

I'm not shocked.  Which house are you going to sell or let go first?  Your primary residence or your vacation/secondary house?
The median price of a vacation home was $150,000 in 2010, down 11.2% from a year earlier, the National Association of Realtors reported Wednesday. In contrast, the national median for primary residences fell only 4.5% in 2010, according to NAR.
"The fall in prices has opened opportunities for more families to enter the second-home market," said Lawrence Yun, NAR's chief economist.
Still, vacation homes accounted for just 10% of all sales last year, and investment properties made up another 17%.
Those percentages were little changed for 2010 as home sales declined across the board. There were 543,000 vacation homes sold, down from 553,000 in 2009; investment purchases fell to 867,000 from 940,000.
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