No one's buying vacation homes

Data: Redfin; Chart: Axios VisualsDemand for second homes is at its lowest in data going back to 2018, Redfin reports.Why it matters: Vacation homes are losing their luster.Homeownership costs have soared, and cities are cracking down on short-term rentals.Plus, fewer people can work remotely from their beach house or ski chalet these days.By the numbers: U.S. homebuyers took out around 86,600 mortgages for second homes last year, per Redfin's analysis of Home Mortgage Disclosure Act data.That's down roughly 5% from a year earlier and 66% from the pandemic homebuying frenzy.Zoom in: Demand has particularly cratered in Florida as climate-related housing costs swell.Mortgages for second homes fell from the previous year in 30 of the 50 most populous metros, led by Miami (-32%), Orlando (-28%) and Fort Lauderdale (-28%).The big picture: Home sales are sluggish overall, with many shoppers sidelined by high prices, elevated mortgage rates and economic uncertainty.Second-home mortgages represented less than 3% of all mortgage originations in 2024 — a record low, per the real estate site.Reality check: Even wealthy cash buyers are watching their wallets."They are much more likely to make a lowball offer or request concessions than they used to be," Florida agent Lindsay Garcia said in the report.The intrigue: Travelers may be cooling on second homes, too.Budget-conscious guests appear to be delaying or canceling stays at Airbnbs and other rentals, according to analytics firm AirDNA.What's next: Skipped getaways, slashed wedding budgets, dropped dinner plans — call this the summer of strategic spending.

Comments

World news

washington times

Comments

World news

China's Panchen Lama pledges loyalty to the Communist Party in a meeting with Xi

Madeleine McCann suspect 'pens letter to German cops taunting them for not finding body'

Porn site founder who appeared on FBI’s most wanted list pleads guilty in California

You can now bet on the next steps in the Trump-Musk fallout and when they will have their first meeting

New coronavirus discovered in China ‘only small step’ from infecting humans

DOGE used flawed AI tool to ‘munch’ Veteran Affairs contracts, report claims

Papa John’s makes popular limited-time pizza a permanent menu option

Linda McMahon says Harvard and Columbia making ‘progress’ to meet Trump’s demands to stop antisemitism

DHS staffer facing ‘serious punishment’ for including journalist in email thread

Trump administration scrambling to rehire workers cut by DOGE to fill critical government roles

DOGE will be allowed to access Social Security data for now, Supreme Court rules

Kash Patel has live ‘WTF’ moment on Joe Rogan as he learns of Trump vs. Musk mid-interview

‘She always said, “I’m going to be famous, dad”’: Teen dies after viral TikTok ‘dusting’ challenge

JD Vance silence on Musk may be the most Game of Thrones tactic ever — and Trump might not even notice

Madeleine McCann prime suspect Christian Brueckner gloats cops ‘will NEVER pin case on me without a body’ in sick letter

Read Madeleine McCann prime suspect Christian Brueckner’s sick letter in full – including chilling ‘no body’ gloat

Gynaecologist who raped dozens of patients & secretly filmed examinations for almost 20 years is jailed in Norway

Man wrongly deported to El Salvador returning to the US to face criminal charges

More than 40 'narco-boat' drug smugglers arrested in major police sting

Bodies of woman and boyfriend found after chilling phone clue in disappearance

Wrongly deported Kilmar Abrego Garcia returning to U.S.

Fewer Ontario cities will hit housing targets amidst ‘major crisis’: minister

"He's a lunatic": Democrats shut down idea of Musk alliance after break with Trump

Police retract ‘premature’ hate crime denial in Jonathan Joss shooting

Mike Johnson gives Democrats extra Intel Committee seat to get Stefanik back on

Interior Health CEO speaks out for 1st time since Kelowna pediatric unit closure

Texada Islanders want wayward grizzly bear relocated, province says it’s a danger

B.C. targets 3 U.S. states with advertising blitz to recruit doctors, nurses

Police name victim in Toronto shooting that killed 1, injured 5

Iranians accused of spying on British broadcaster go before U.K. court

Russia economy meltdown as sales of trucks plummet by 50% and investors are put off

Boy, 13, 'gang-raped by classmates' in school trip 'blackmail' horror

Brits issued major warning over holidays in Europe as hotspots hit by disease outbreaks

The Latest: Trump-Musk relationship appears to implode

Charter boat captain reportedly admits to being man in viral video seen stabbing a shark in the water out of ‘revenge’

Trump sends Bessent and Lutnick to haggle with Chinese on tariff war after Xi chat

Michelle Beadle axed from SiriusXM after raging over Stephen A. Smith replacing her show

Trump brings the BOOM! New order opens skies across US to supersonic flights

San Antonio police backpedal on initial claim that Jonathan Joss’ murder was not an anti-LGBT hate crime

‘Big Balls’ and other Musk DOGE proteges could see payback from Trump-Elon feud after mass firings

Harvey Weinstein admits he has ‘regrets’ and ‘acted immorally’ as he awaits verdict in New York rape trial

Kilmar Abrego Garcia is returning to the US to face criminal charges, report says

What eating foods like dark chocolate and berries did to a study group of more than 120,000 people

What is citizenship by descent? Canada offers new way for some to become citizens

The Other Side of Deportation

The Novels We’re Reading in June

Xi Jinping’s Family Fortunes

The French TV Show That Turns Souffle Into Statecraft

Why Trump probably can’t cut Musk loose

White House officials to meet Chinese delegation in London for next round of trade talks

Bipartisan fury erupts in Congress over GOP Rep. Mary Miller's "ignorant" post about Sikhs

"He's a lunatic": Democrats shut down idea of Musk alliance after break with Trump

Man dies of rabies after dog bite as officials issue urgent 'stay calm' warning

Tourist dies after drinking hallucinogenic tea on Amazon rainforest retreat

New data shows measles cases are declining in Guelph, Ont.

Trump wants Biden’s autopen use and ‘cognitive decline’ investigated. Why?

Manitoba woman faces 10 charges after family allegedly threatened with gun: RCMP

Video captures rare Kermode bear cub crossing northern B.C. highway

‘Lost his mind’: Fallout from Trump-Musk feud shows quick truce unlikely

Police search for Washington man accused of killing his 3 daughters