Sales of second homes soared last year and accounted for more than a third of all residential sales transactions, according to a study released Tuesday.
The study, conducted by the Washington-based National Assn. of Realtors, showed that nearly one in four U.S. homes bought in 2004 was purchased for investment purposes; 13% were bought as vacation homes.
Together, that constituted the surging second-home market, which accounted for 36% of the 7.7 million homes sold in the country last year. Second-home sales were up 16.3% over 2003.