Vacation home market heats up
More Americans felt rich enough to invest in vacation homes last year as the economy continued its recovery!
Annual sales jumped nearly 30% to 717,000 homes, according to the National Association of Realtors. Vacation home sales represented 13% of the total market, their highest share since 2006.
The median price rose to $168,700, up 12.5% from a year earlier.
The sales were spurred by a strong stock market, according to Lawrence Yun, chief economist for the National Association of Realtors. The S&P 500 piled up a whopping 30% return in 2013, its best performance in 16 years. That provided investors with the funds and the confidence to purchase recreational property.
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