{"id":74562,"date":"2022-06-24T05:00:13","date_gmt":"2022-06-24T12:00:13","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=74562"},"modified":"2022-06-23T11:00:55","modified_gmt":"2022-06-23T18:00:55","slug":"second-home-demand-falls-may-2022","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/second-home-demand-falls-may-2022\/","title":{"rendered":"Demand For Vacation Homes Is Now Below Pre-Pandemic Levels"},"content":{"rendered":"

High home prices and mortgage rates, along with economic uncertainty and an increase in second-home loan fees, have put an end to the pandemic-driven vacation-home boom.\u00a0<\/span><\/i><\/p>\n

Demand for vacation homes has fallen below the pre-pandemic baseline for the first time in two years, with mortgage-rate locks for second homes down 4% from before the pandemic in May. That\u2019s down from a revised rate of 3% above<\/i> pre-pandemic levels a month earlier, and 70% above pre-pandemic levels a year earlier.<\/span>
\n<\/span><\/p>\n

\"\"<\/p>\n

That’s according to a Redfin analysis of <\/span>Optimal Blue<\/span><\/a> data. A mortgage-rate lock is an agreement between a homebuyer and a lender that allows the homebuyer to lock in an interest rate on a mortgage for a certain period of time, offering protection against future interest-rate hikes. Homebuyers must specify whether they are applying to secure a mortgage rate for a primary home, a second home or an investment property. We define \u201cpre-pandemic levels\u201d as January and February of 2020.<\/span><\/p>\n

Demand for second homes is declining due to<\/span> high home prices, mortgage rates that have rapidly risen to <\/span>nearly 6%<\/span><\/a> and a <\/span>slumping<\/span><\/a> stock market\u2013factors that are also <\/span>cooling<\/span><\/a> the rest of the housing market. Another deterrent to second-home buyers is the fact that the federal government increased<\/span> loan fees<\/span><\/a> for second homes in April, adding roughly $13,500 to the cost of purchasing a $400,000 home.<\/span><\/p>\n

\u201cSkyrocketing <\/span>monthly payments<\/span><\/a>, along with higher loan fees, have priced many second-home buyers out of the market,\u201d said Redfin Deputy Chief Economist Taylor Marr<\/a>. \u201cMany would-be second-home buyers are also deterred by turmoil in the stock markets, <\/span>high inflation<\/span><\/a> and recession fears, and they can be quicker to pull back from the market because vacation homes aren\u2019t a necessity the way primary homes are. The cooldown in the second-home market is likely to continue as long as mortgage rates are elevated and the stock market is slumping.\u201d\u00a0<\/span><\/p>\n

The drop in vacation-home demand marks a drastic change from the second half of 2020 and 2021, when mortgage-rate locks for second homes skyrocketed due to\u00a0 record-low mortgage rates and the flexibility to work from anywhere thanks to remote work. Demand peaked in March 2021, when it was about 90% above pre-pandemic levels.\u00a0<\/span><\/p>\n

Interest in vacation homes started declining sharply in February as mortgage rates began their ascent. The average 30-year fixed mortgage rate reached <\/span>5.78%<\/span><\/a> in the week ending June 16.\u00a0<\/span><\/p>\n

Methodology<\/b><\/h4>\n

The data in this report is from a Redfin analysis of mortgage-rate lock data from real estate analytics firm <\/span>Optimal Blue<\/span><\/a>. <\/span>Redfin created a seasonally adjusted index of Optimal Blue\u2019s data to adjust for typical seasonal patterns and allow for simple comparisons of second-home demand during and before the pandemic. We define \u201cpre-pandemic\u201d as January and February 2020 and set the index for that period to 100. Any data point above 100 represents second-home demand that\u2019s above pre-pandemic levels and any data point below 100 represents demand below pre-pandemic levels. This data is subject to revision.<\/span><\/p>\n

A mortgage-rate lock is an agreement between a homebuyer and a lender that allows the homebuyer to lock in an interest rate on a mortgage for a certain period of time, offering protection against future interest-rate hikes. Homebuyers must specify whether they are applying to secure a mortgage rate for a primary home, a second home or an investment property. Roughly<\/span> 80%<\/span><\/a> of mortgage-rate locks result in actual home purchases.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

High home prices and mortgage rates, along with economic uncertainty and an increase in second-home loan fees, have put an end to the pandemic-driven vacation-home boom.\u00a0 Demand for vacation homes has fallen below the pre-pandemic baseline for the first time in two years, with mortgage-rate locks for second homes down 4% from before the pandemic […]<\/p>\n","protected":false},"author":13153,"featured_media":74565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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