Demand for second homes dwindled for the third consecutive month, according to Redfin.
In August, demand dipped 19.3% compared to the same time a year ago, the technology-powered real estate brokerage reported. At the same time, demand for primary homes also dipped 1% compared to a year ago, which marked the second straight month of declines for such homes.
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The demand for second homes has fallen significantly when compared to primary homes mainly due to the fact that there was a "relatively large gain in demand" for vacation or second homes a year ago, according to Redfin.
"Demand for vacation homes swelled during the coronavirus pandemic—surging as much as 172% in April—as many affluent Americans sought an escape from cramped city life amid stay-at-home restrictions," Redfin said.