Second Home Demand Remained Low In March
Vacation home hunters are poised to face less competition this spring buying season as the number of locks on second homes dwindles.
According to a new report from Redfin, the number of people locking in mortgages for second homes remained close to a 7-year low in March. Locks for these buyers are down by 52% from February 2020, before the pandemic housing boom, and 49% YOY.
In comparison, primary loan locks are only down 13% from pre-pandemic levels, and 29% YOY.
Locks for second homes peaked at 89% in August 2020 as wealthy Americans took advantage of historically low rates and remote work opportunities.
Now, second-home buyers are deterred by high costs and lifestyle changes. Remote work is gradually fading…