Vacation home prices rise slightly - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Vacation home prices rise slightly

Posted: Updated:

MYRTLE BEACH, SC (WMBF) - The prices of vacation homes are rising slightly, but lagging behind the rest of the housing market, according to a report by USA Today.

Why the delay? Economic expert Jed Kolko says its because vacation homes are considered a luxury, and spending on luxury items takes longer to rebound after a "severe recession."

Market trends predict that the housing markets in vacation area lag behind urban centers by about six months.

For example, in the past year the price of a single-family home in Los Angeles has risen by 17 percent. In the nearby resort area Lake Arrowhead, the prices rose by only 3 percent.

So is now the time to buy a vacation home? Experts believe vacation home buyers are looking to buy now because the market appears to be at the bottom.

The USA Today report concludes that vacation home sales nationwide in 2012 increase 10 percent; that's 11 percent of all home sales that year.

WMBF News Anchor Theo Hayes is digging into how this change in prices is affecting the Grand Strand, where many people are know to purchase vacation homes for rentals. Tune in for her report at WMBF News at 6.

Copyright 2013 WMBF News. All rights reserved.

  • Where does your family like to vacation?

  • Thank you for participating in our poll. Here are the results so far:

    At the beach or on an island
    75%
    3 votes
    In the mountains
    0%
    0 votes
    On a cruise
    25%
    1 vote
    At a theme park
    0%
    0 votes
  • SLIDESHOW: Top 5 things for kids to do and not do during the summer
Powered by WorldNow

918 Frontage Road East
Myrtle Beach, SC 29577
(843) 839-9623
news@wmbfnews.com

FCC Public File
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and WMBF. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.