NAR: One in every 10 housing transactions last year was a vacation home

Vacation home sales increased in 2012, according to new data from the National Association of Realtors.Whether for investment purposes or having a place to call home when taking time off from work, more people bought vacation homes last year, a new report shows.According to its 2013 Investment and Vacation Home Buyers Survey, the National Association of Realtors reports that vacation-home sales rose more than 10 percent in 2012, totaling 553,000 from just over 502,000 in the previous year.Lawrence Yun, chief economist at NAR, indicated that strong numbers on Wall Street helped improve prospective buyers' sentiment and confidence that purchasing?a second home was a sound investment.”We had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes,” said Yun. “Attractively priced recreational property is also a big draw.”Based on all transactions last year, approximately one-tenth of them were for vacation homes, which is on par with the ratio of these types of property sales in 2011. Investment-home purchases, meanwhile, accounted for just under 25 percent of residential real estate transaction.If prospective buyers have been thinking about purchasing one of the many Houston homes up for sale, they may want to consider it in May. Last year, Gov. Rick Perry designated May 5 through the 13 as Texas Travel and Tourism Week.
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