Second-Home Prices Hit Record in 2001
U.S. vacation-home prices hit a record last year and the number of sales was the second highest ever as baby boomers bought mountain, lake and coastal properties, the National Assn. of Realtors said.
The median price for vacation homes was $162,000 in 2001, a 27% increase from 1999, the last time the Washington-based group surveyed second-home buyers. About 359,000 vacation homes were sold, off 5% from 1999’s record 377,000.
The 27% increase in home values since the 1999 survey compares with an 11% increase in the median for all U.S. homes since 1999.
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