The Vacation Home Market is Back on Its Feet

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13% of all house sales during 2013 were vacation home sales, which is the highest level since 2006. The share of recreational property sales increased with 29.7% throughout 2013, which means about 717,000 vacation homes. The number was 553,000 in 2012. Even though the average vacation home price rose with 12.5% to $168,700, this does not stop buyers on this market.  The statistics come from the National Association of Realtors 2014 Investment and Vacation Home Buyers Survey.

On the other hand, investment home purchases decreased with 8.5% in 2013, down to 1.1 million. In 2012, there were 1.21 million purchases. This is due to quickly rising prices and less discounted foreclosures during 2013. The average price of investment homes went up to $130,000 in 2013, an increase of 13% from 2012.

The investment home situation has changed a lot, as the market is returning to normal conditions, so investors need to consider their purchases in more detail.

Read the full article at Housingwire.

Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.

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