Second-Home Sales Jump Nationwide
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The late 1990s were good for sales of second homes, thanks to a sizzling economy and tax law changes.
Sales figures grew 9.3% between 1997 and 1999, according to a survey by the National Assn. of Realtors.
In 1999, 377,000 second homes were sold, compared with 345,000 in 1997, the real estate trade group reported.
The survey found that the typical price for a second home, either new or resale, was $127,800 last year. The typical buyer was 43 years old, married and had a household income of nearly $70,000.
A booming economy and the 1997 tax law change allowing most home sellers to avoid paying capital gains tax spurred the second-home sales increase.
The study is conducted every two years.
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