Sales of Second Homes Picking Up

Washington, DC, Jan. 14, 2010 -- Sales of vacation and second homes are growing, according to a survey by the National Association of Realtors.

Lower prices and mortgage rates, as well as a slowly improving economy, are spurring some previously reluctant buyers.

According to the survey, 79% of respondents said they were likely or very likely to buy a second home in the next two years.

The survey sites that the typical profile of a second-home buyer is 46 years-old, married and has a median income of $87,500, and 44 million people in the U.S. are in this demographic.

The trend of purchasing vacation or second homes saw growth in 2010, when vacation home sales outpaced investment property and regular home sales.