Soaring prices are hitting the vacation home market, as a growing number of Americans now choose to rent rather than buy their beach and mountain homes.
Sales of vacation homes slumped nearly 22 percent in 2016 to the lowest level in three years, even as overall home sales hit their highest level in a decade, according to a new report from the National Association of Realtors (NAR). Vacation home buyers also were more likely to take out a mortgage to help offset higher costs.
Several markets in the South and West — the two most popular destinations for vacation home buyers — saw strong sales...
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