Demand for Second Homes Is More Than Double Pre-Pandemic Levels

Source: Redfin — 

Second-home buyers are out in full force as affluent Americans continue to work remotely from vacation destinations.

The number of buyers who locked in mortgage rates for second homes soared 178% year over year in April, marking the 11th straight month of 80%-plus growth. The record increase should be taken in context: It is likely exaggerated because demand for second homes dropped 24% year over year last April, the month after the coronavirus pandemic hit the U.S. and real estate activity in the country nearly ground to a halt.