• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

ACME NEWS ONLINE

The Pinnacle of Online News Reporting

ACME NEWS ONLINE
The Pinnacle of Online News

  • Home
  • US
  • BUSINESS
  • LIFESTYLE
  • REAL ESTATE
  • TECH/SCIENCE
  • About/Contact

US home sales soared during pandemic

June 16, 2021 by Staff Reporter

ST. LOUIS: US real estate became a hot commodity during the Covid-19 pandemic, but an industry survey released on Tuesday (Wednesday in Manila) said vacation homes were even hotter, underscoring how those who could afford it sought comfort far from cities despite the economy’s collapse.

The share of vacation homes sold out of all existing home sales is usually around 5 percent annually, but in 2020 it climbed to 5.5 percent and was at 6.7 percent for the first four months of 2021, the National Association of Realtors (NAR) said, with the ratio hitting 8 percent in April 2021 alone.

“With no other major event happening since 2020 other than the pandemic, the rise in vacation home sales can be reasonably attributed to… people able to work from home, students schooled virtually, and as the population sought for safety and recreation away from urban areas,” the report said.

Despite suffering the world’s largest Covid-19 outbreak that killed hundreds of thousands of Americans and caused the worst economic downturn in decades, the US housing market boomed in 2020 with the NAR reporting existing home sales climbed 5.6 percent in the year to its highest level since 2006.

The pace of existing home sales in what the NAR classified as vacation home counties – where properties for seasonal or leisure use made up at least 20 percent of the stock – climbed by an average of 24.2 percent as compared to the 11.2-percent growth in non-vacation home counties.

The strong demand for existing homes across the country has put a squeeze on supply and caused a hike in prices, dynamics that were seen in the vacation home market as well.

The median existing home sales price in vacation home counties climbed 14.2 percent compared to 10.1 percent in counties not classified as such, according to the report.

View Original Source

Filed Under: REAL ESTATE

Primary Sidebar

More to See

Bridge Investment Group Holdings Inc. (BRDG) CEO Jonathan Slager on Q2 2022 Results – Earnings Call Transcript

… [Read More...] about Bridge Investment Group Holdings Inc. (BRDG) CEO Jonathan Slager on Q2 2022 Results – Earnings Call Transcript

AP Business SummaryBrief at 11:44 p.m. EDT | Business News

Strike four: Facebook misses election misinfo in Brazil adsFacebook failed to detect election-related misinformation in ads ahead of Brazil's 2022 … [Read More...] about AP Business SummaryBrief at 11:44 p.m. EDT | Business News

Google asks users to help redesign Home app experience | Technology News

San Francisco: Tech giant Google is inviting Nest product owners to join the testing phase for a new design of its Home app, an online listing … [Read More...] about Google asks users to help redesign Home app experience | Technology News

Privacy Policy | Terms and Conditions | About/ Contact
Copyright © 2022 · SLD Chicago . Log in