U.S. Second Home Sales Slide in Pandemic-era Vacation Hot Spots
Vacation home sales have begun to slip
U.S. vacation home sales have fallen by nearly three-quarters from their frenzied pace three years ago as an inventory shortage spawns a wrenching correction in the second-homes market.
In markets like Hilton Head Island, South Carolina, or Lake Havasu City, Arizona, sales have all but dried up, data from mortgage services firm Optimal Blue showed, even though demand remains as hot as ever.
The reduction comes after a fervor of real estate investment in vacation locales during the pandemic. And as secondary home activity dwindles, some smaller housing-related businesses in leisure hot spots say they are feeling the pinch as well.
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