Demand for second homes dropped 19.3 percent in August, compared to the same time last year, marking the third-straight month of declines. According to Redfin, demand for primary homes also fell, slipping 1 percent year over year in the second-consecutive month of declines.
But the numbers aren’t exactly doom and gloom. Redfin analysts point out that while demand for second homes appears to have fallen, that’s in large part because there was a relatively big gain in demand for second homes throughout 2020 into the start of this year.
Demand for second homes was through the roof during the pandemic—surging as much as 172 percent in April.
Sales of vacation homes made up 6.7 percent of overall existing-home sales in the first four months of this year, up from 5 percent in 2019, according to a recent report from the National Association of Realtors.