The combined total of vacation- and investment-home sales declined with the overall market in 2007, but still accounted for 33 percent of all home sales, which is close to historic norms, according to the National Association of Realtors.

The market share of homes purchased for investment last year was 21 percent, down from 22 percent in 2006, while another 12 percent were vacation homes, compared with a 14 percent market share in 2006. The total share of second homes declined from 36 percent of transactions in 2006.

NAR’s annual Investment and Vacation Home Buyers Survey showed vacation-home sales dropped to 740,000 in 2007 from a record 1.07 million in 2006, while investment-home sales fell to 1.35 million last year from 1.65 million in 2006. At the same time, sales of primary residences declined 10 percent to 4.34 million in 2007 from 4.82 million in 2006.

The median price of a vacation home was $195,000 in 2007, down 2.5 percent from $200,000 in 2006. The typical investment property cost $150,000 last year, unchanged from 2006.

Investment-home buyers last year had a median age of 42, earned an income of $92,900, and bought a home that was relatively close to their primary residence, a median distance of 27 miles.