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Investment Home Sales Dominate Second Home Market in 2016 |
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Investment home sales dominated the second home market in 2016, off the charts by 4.5 percent to total 1.14 million, according to the National Association of REALTORS® (NAR) recently released 2017 Investment and Vacation Home Buyers Survey—but vacation home purchases plunged, down 21.6 percent to a total 721,000. NAR Chief Economist Lawrence Yun attributes the vacating of vacation home sales to low supply and unaffordability—the same issues plaguing the housing market overall. "In several markets in the South and West—the two most popular destinations for vacation buyers—home prices have soared in recent years because substantial buyer demand from strong job growth continues ...
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