Sales of Vacation Homes Rose Last Year

Washington, DC, April 5, 2010--Sales of vacation homes rose 7.9% in 2009, compared with 2008, the National Association of Realtors said.

However, homes purchased for investment purposes dropped 15.9% over the year.

"The typical vacation-home buyer is making a lifestyle choice, with nine out of 10 saying they intend to use the property for vacations or as a family retreat," said Lawrence Yun, chief economist for NAR, in a news release.

"Investment buyers primarily seek rental income, with six in 10 planning to rent to others, although one in five wants a family member, friend or relative to use the home."

The median price of a vacation home was $169,000 in 2009, up from $150,000 in 2008; the buyers had a median income of $87,500, according to NAR's Investment and Vacation Home Buyers Survey.

"The higher vacation home price may reflect increased sales in higher priced markets, particularly in areas of Florida and California where prices became highly attractive for buyers over the past year," Yun said.

Meanwhile, the median price of an investment property was $105,000 last year, down from $108,000 in 2008; buyers had a median income of $87,200. And roughly one in four investment buyers purchased more than one property in 2009.