Real Estate

Demand for vacation homes is wearing off. Here's why

Although the number of buyers who locked in mortgage rates to purchase a second home increased nearly 50% compared to a year ago, "it's the first time in a year the annual growth rate has fallen below 80%," according to a new report by Redfin.

Home prices reach new high in May as growth pace slows

The national median listing price for active listings hitting $380,000 last month, an increase of about 15.2% compared to a year ago, according to Realtor.com. Driving this increase is the "lack of available homes" according to the real estate listing website.