Industry News

Second-home sales fall in 2006

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

A major slide in investment-home purchases in 2006 compared to the prior year was partially offset by a rise in vacation-home purchases, the National Association of Realtors trade group reported today. The annual Investment and Vacation Home Buyers Survey also found that vacation-home sales increased 4.7 percent in 2006 to a record 1.07 million, while investment-home sales dropped 28.9 percent to 1.65 million in 2006 from a record 2.32 million in 2005. Total primary-home sales, meanwhile, dropped 4.1 percent in 2006 to 4.82 million. Second-home sales accounted for 36 percent of all existing-home and new-home sales in 2006, down from a 40 percent share in 2005, NAR reported. Investment-home sales dropped from a 28 percent share in 2005 to a 22 percent share in 2006, while vacation-home sales rose from a 12 percent share in 2005 to a 14 percent share in 2006. The survey, conducted in April 2007, includes answers from 1,412 respondents and reflects 1,729 homes purchased in 2006. Of these,...