Hey, celebrities dream of vacation homes just as much as everyone else.
Their summer homes just happen to cost more than every home the average U.S. homeowner will ever buy in their lifetimes.
Granted, they're dealing with the same lofty prices in a hot housing market that the rest of us are. Existing home sales in May were down 2.4% from the same time last year, but the median existing home sale price it up 6% to $244,800. That marks more than five years of year-over-year hikes in property values.
"Last month's dip in closings was somewhat expected given that there was such a strong sales increase in March at 4.2%, and new and existing inventory is not keeping up with the fast pace homes are coming off the market," says Lawrence Yun, chief economist for the National Association of Realtors. "Demand is easily outstripping supply in most of the country and it's stymieing many prospective buyers from finding a home to purchase."
The lack of available homes is keeping those prices high. The 1.93 million existing homes on the market is down 9% from last year and currently sits at a 4.2-month supply. That's well below the six-month stock that's considered healthy, and it's due largely to the 34% of all buyers who are first-time homebuyers. However, with roughly one out of every five home sales being paid for in cash, there are flippers in the market and high-rollers looking to move. Houses are staying on the market a scant 29 days -- the shortest timeframe since the NAR began tracking in May 2011.
That's why even celebrities' beloved vacations homes are coming onto the market. With help from Zillow-owned real-estate site Trulia, we took a look at a glut of high-end real estate and found ten vacation homes that celebrities are looking to unload. From West Coast rentals to East Coast estates, there are plenty of ways to peer in on celebrities' private vacation retreats -- for a price: