Vacation Home Demand Drops Amid Pandemic.

Sales of vacation homes have dropped by 50% from pre-pandemic levels due to high interest rates and concerns about the economy. Mortgage-rate locks for second homes were down 52% from pre-pandemic levels in March, compared to a 13% decline for primary homes. However, cash buyers are still interested in purchasing vacation condos in desirable neighborhoods. The trend of remote work has also reduced the appeal of second homes, as options for remote work have begun to dwindle.