Americans are buying vacation homes like never before!
According to the National Association of Realtors (N.A.R.), Americans bought more than 1.1 million vacation homes in 2014, up a whopping 57% from 2013, and the most since N.A.R. started tracking these sales in 2003.
By contrast, investors bought about 1 million homes and owner-occupants purchased 3.2 million homes – a 13% decline from 2013.
The Realtor group said the median vacation home price fell 11.1% to $150,000, attributing this trend to higher sales of condos and town homes versus single family homes. Purchases also increased for distressed properties and for homes in the relatively affordable South.