Industry News

Second-home growth fuels new house-rental site

HomeAway.com includes 60,000 vacation-home listings

While the portion of overall home sales that are second homes is growing, a new Web site offering to connect these homeowners with prospective vacation renters launched this month. HomeAway.com includes more than 60,000 vacation rental home listings, and is a consolidation of vacation rental sites CyberRentals.com, GreatRentals.com, A1Vacations.com, TripHomes.com (formerly Rent101) and Holiday-Rentals.com. Second-home sales accounted for about 40 percent of all residential transactions in 2005, the National Association of Realtors reported in April, eclipsing the 36 percent level reported in 2004. The trade group reported 3.34 million second-home sales in 2005, up 16 percent from a revised total of 2.88 million in 2004. Vacation-home sales increased 16.9 percent last year to a record 1.02 million from a revised 872,000 in 2004, while investment-home sales rose 15.7 percent to a record 2.32 million in 2005 from an upwardly revised 2 million in 2004, according to NAR. HomeAway.com list...

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