Remote working fuels US vacation home boom

From ocean to mountain, the remote work fueled an unprecedented boom for Vacation home at United States.

Sales of these goods jumped 16% in 2020, almost triple the increase of all existing homes, that was 5.6%, according to the National Association of Realtors.

Buyers looking for a resting place flooded the market in the second half of last year, after restrictions imposed by COVID-19 were lifted. City dwellers in search of more space flock to the mountains of Aspen, Colorado, to Miami Beaches and at intermediate points.

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In vacation home counties, the median sale price of an existing property rose 14%, compared to a 10% increase in other counties, the group of realtors said in a report on Tuesday.

While many companies still offer employees the option to work remotely, “vacation homes and second homes will continue to be a popular choice with buyers,” said Lawrence Yun, the group’s chief economist.

Still, more and more employees are returning to the office, a trend that could help slow demand for vacation homes.. An analysis by Redfin Corp. showed that while last month’s purchases rose from the previous year’s rates, they cooled off from the frenzied levels previously seen during the pandemic.

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