National Association of Realtors: Second-home sales fall - New Mexico Business Weekly:

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But, those who are buying are doingt so withcash – with more than four out of 10 investmentt buyers and more than three in 10 vacation home buyerz coming to the table with moneyt up front. “We expected vacation-home salee to fall given the impacf of a declining econom y ondiscretionary purchases,” said Lawrence Yun, NAR chief in a news release. “zA steady share of investment-home sales results from buyers takinvg advantage of deeply discounted prices in many with a smaller portion of new homes in thesalee mix.
” The market share of homesz purchased for investment was 21 percentr last year, unchanged from while an additional 9 percent were vacation homes, down from a 12 percenft market share in 2007, according to NAR. And as with the markey for primary residences, second-home prices were also down The median price of a vacatio homewas $150,000 in 2008, down 23.1 percent from $195,000 in 2007. The typica l investment propertycost $108,000 last which is 28.0 percent below the 2007 median of according to the Realtor group.
The typical vacation-home buyer in 2008 was 46 year old, had a median household incomeof $97,200, and purchased a propertty that was a medianb of 316 miles from their primary residence. Investment-homwe buyers in 2008 had a median ageof 47, earned $85,000, and bought a home that was fairly closew to their primary residence – a mediaj distance of 19 miles. Twenty-six percent of vacation homee were purchased insmall towns, 23 percent in a ruraol area, 23 percent in resorts, 20 percent in a suburbn and 8 percent in an urban area or central city.
Twenty-eight percentt of investment homes were purchasedr ina suburb, 20 percen in an urban or central city area, 23 percen t in a rural area, 22 percent in a smallp town and 6 percent in a resorr area. Seventy percent of vacatio n homes purchased in 2008 weredetached single-family homes, 18 percent condos, 5 percent townhousex or row houses and 7 percentr other. Sixty-four percent of investment homes purchasefd in 2008 weredetached single-family homes, 22 percentt condos, 8 percent townhouses or row housese and 6 percent other.
The survey, conducted in March, includes answera from 1,924 usable