TAHOE, Calif. (KRON) - As mortgage rates continue to drop during the pandemic, home sales in places like Lake Tahoe are soaring, according to a Redfin report.
While Lake Tahoe is a popular vacation spot, homebuyers are looking to purchase a second home or move there full time.
According to the report, second home sales surged 100% year over year in October, while primary homes rose 50%. For home purchases, about 80% are mortgage rate locks.
Redfin lead economist Taylor Marr stated that the 'demand for second homes is particularly strong as affluent Americans work remotely, no longer need to send their kids to school and face travel restrictions.'
In addition to Lake Tahoe, multiple vacation towns across the country are facing the same surge, including Cape Cod, Palm Springs, the Jersey Shore, and Bend, Oregon.
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