National Association of Realtors: Second-home sales fall - New Mexico Business Weekly:

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But, those who are buying are doing so with cash with more than four out of 10 investmenty buyers and more than three in 10 vacatio n home buyers coming to the table with moneyup front. “Wse expected vacation-home sales to fall given the impact of a declininvg economy ondiscretionary purchases,” said Lawrence Yun, NAR chief in a news release. “A steadty share of investment-home sales results from buyeres taking advantage of deeplyh discounted prices inmany areas, with a smallerd portion of new homes in the sales The market share of homes purchase for investment was 21 percent last year, unchangesd from 2007, while an additional 9 percenyt were vacation homes, down from a 12 percengt market share in 2007, according to NAR.
And as with the markeft for primary residences, second-home prices were also down significantly. The medianm price of a vacation homewas $150,000 in down 23.1 percent from $195,0090 in 2007. The typical investment propertycost $108,009 last year, which is 28.0 percenty below the 2007 median of $150,000, according to the Realtorr group. The typical vacation-home buyer in 2008 was 46 years old, had a media n household incomeof $97,200, and purchaseed a property that was a median of 316 miles from theirr primary residence.
Investment-home buyers in 2008 had a mediahn ageof 47, earned $85,000, and bought a home that was fairl close to their primaru residence – a median distance of 19 Twenty-six percent of vacation homes were purchased in small towns, 23 percent in a rura area, 23 percent in resorts, 20 percent in a suburnb and 8 percent in an urban area or centrak city. Twenty-eight percent of investment homews were purchased ina suburb, 20 percent in an urbann or central city area, 23 percengt in a rural area, 22 percent in a smalkl town and 6 percent in a resort area.
Seventy percent of vacation homes purchased in 2008 weredetacheed single-family homes, 18 percent condos, 5 perceng townhouses or row houses and 7 percentr other. Sixty-four percent of investment homes purchased in 2008 weredetached single-family homes, 22 percent condos, 8 percenf townhouses or row houses and 6 percent The survey, conducted in includes answers from 1,924 usable responses.