Redfin says the second home market appears to be
cooling although annual sales, measured by mortgage rate locks, were up
nationwide by 48 percent in May. The company says, while that increase is
substantial, it is the first time in a year that annual growth has fallen below
80 percent. Further, the year-over-year comparison is to a month when much of
the nation was shut down by the COVID-19 pandemic. Last June, as the real estate market
came back to life, second home mortgage locks jumped 110 percent compared to
June 2019 and remained elevated through April. One reason for the increase was
thought to be that workers, forced to work from home, realized they could
telecommute from anywhere.  

 

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