Vacation Home Demand Down For Second Month

Second-home demand fell for a second straight month as rising rates and increased fees deter buyers, Redfin reported. Mortgage-rate locks for second homes dropped to their lowest level since May 2020 in March, though still remained 13% above pre-pandemic levels. “The pandemic-driven surge in sales of vacation homes is coming to an end as mortgage rates rise at their fastest pace in history, causing some second-home buyers to back off,” said Redfin Deputy Chief Economist Taylor Marr.  “When rates and prices shoot up so much that a vacation home starts to look more like a burden than a good investment and a fun place to bring your family on the weekends, a lot of prospective buyers have second thoughts.” A…