National Association of Realtors: Second-home sales fall - Denver Business Journal:

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But, those who are buying are doing so with cash with more than four out of 10 investmentr buyers and more than three in 10 vacation home buyerw coming to the table with monehyup front. “We expected vacation-home sales to fall givehn the impact of a declining economy ondiscretionary purchases,” said Lawrence Yun, NAR chief economist, in a news release. “ A steady share of investment-home sales result s from buyers taking advantage of deeply discounted prices in many with a smaller portion of new homea in thesales mix.
” The market share of homes purchased for investmengt was 21 percent last year, unchanged from while an additional 9 percentg were vacation homes, down from a 12 percent market shar e in 2007, according to NAR. And as with the markey for primary residences, second-home prices were also down The median price of a vacation homewas $150,000 in down 23.1 percent from $195,000 in 2007. The typicak investment propertycost $108,000 last year, whicyh is 28.0 percent below the 2007 mediabn of $150,000, according to the Realtor group.
The typical vacation-home buyer in 2008 was 46 years old, had a mediamn household incomeof $97,200, and purchasesd a property that was a median of 316 milexs from their primary residence. Investment-home buyeres in 2008 had a mediann ageof 47, earned $85,000, and boughft a home that was fairlyg close to their primary residencde – a median distance of 19 Twenty-six percent of vacatiojn homes were purchased in small towns, 23 percent in a rurak area, 23 percent in resorts, 20 percent in a suburb and 8 percentt in an urban area or central city.
Twenty-eight percent of investmenrt homes were purchased ina suburb, 20 percentf in an urban or central city 23 percent in a rural 22 percent in a small town and 6 percengt in a resort area. Seventh percent of vacation homes purchased in 2008 weredetachedf single-family homes, 18 percentr condos, 5 percent townhouses or row housees and 7 percent other. Sixty-four percent of investmentt homes purchased in 2008 weredetached single-family homes, 22 percenyt condos, 8 percent townhouses or row houses and 6 percent The survey, conducted in March, includes answers from 1,92r usable responses.