U.S. vacation home sales have fallen by nearly three-quarters from their pace three years ago, data from mortgage services firm Optimal Blue show. The reduction comes after a fervor of real estate investment in vacation locales during the pandemic. Optimal Blue data shows vacation home purchases peaked nationally during the third quarter of 2020 when 30-year mortgage rates were on their way to record lows under 3%. Those who bought secondary properties during the pandemic as vacation rentals are now seeing declining occupancy rates and a loss of revenue as many markets became oversaturated.
Reuters (10/30/23) Amina Niasse