Metro-East News

Business briefing: More fly to Bahamas than any other site for Labor Day weekend

Most U.S. travelers planning a trip for the upcoming Labor Day weekend plan to go south to the Bahamas and other points south.

According to a top 10 list of travel destinations for the holiday, technology travel search company Switchfly Inc. ranks the Bahamas as the first choice of Americans who will be traveling for the Labor Day weekend. The list includes New York City, Las Vegas and three Florida destinations:

1. Nassau, Bahamas

2. San Juan, Puerto Rico

3. Orlando, Florida

4. Las Vegas, Nevada

5. Ft. Lauderdale, Florida

6. Cancun, Mexico

7. New York, New York

8. Santo Domingo, Dominican Republic

9. Oranjestad, Aruba

10. Miami, Florida

The U.S. housing market reported growth to end the second quarter. The Standard & Poor’s/Case-Shiller 20-city home price index rose 5 percent from a year ago. The largest sales gains were recorded in Denver, San Francisco and Dallas. According to the National Association of Realtors, sales of existing homes rose 2 percent in July to a seasonally adjusted annual rate of 5.59 million, which is the fastest rate of growth since February 2007. Read more here.

Amid the sales gains in the housing market, U.S. home rents are also up. Real estate data firm Zillow is reporting a seasonally adjusted 4.2 percent increase in rental property from a year ago. The data suggests the high demand for rental property reveals the decline in home ownership across the country, as the number of Americans who own homes has fallen to 63.4 percent, a 48-year low. Learn more here.

Best Buy is reporting strong performance with during the second quarter. The home electronics retailer surged more than 11 percent in early trading Tuesday. The company recently earned $164 million, or 46 cents per share. Find out more here.

— Will Buss, BND business writer