In 2023, home purchases slowed across the board due to low levels of inventory, high mortgage rates and soaring home prices. Simultaneously, the appetite for second homes also diminished substantially. 

Nationwide, 90,772 mortgages for second homes were originated in 2023, down 40% from a year earlier and down 65% from the height of the post-pandemic housing boom in 2021, according to a new report from Redfin. By comparison, mortgage applications for primary homes were down 20% year over year in 2023 and down 35% compared to 2021.

The Redfin analysis details ⇒

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