NAR Chief Economist Lawrence Yun talks about highlights of the 2015 Profile of International Home Buying Activity. Chinese are buying!
Michael Stuart's insight:
Approximately 209 thousand houses are estimated to have been sold to foreign buyers over the time period, approximately 4 percent of total Existing Home Sales.
The total foreign sales dollar volume is estimated at $104 billion, approximately 8 percent of total Existing Home Sales dollar volume.
Foreign clients paid on average nearly $500 thousand for a house, compared to the overall U.S. average house price of about $256 thousand.
Sales to foreigners are split between resident and non-resident purchasers. Resident foreigners may be in the U.S. for business, educational, or other purposes. Non-resident foreigners are typically looking for a vacation or investment property.
Five countries accounted for 51 percent of purchases by foreigners: Canada, China, Mexico, India, and the United Kingdom.
Although foreigners purchased property nationwide, four states accounted for 50 percent of international sales: Florida, California, Texas, and Arizona.
The percentage of REALTOR® respondents who reported working with international clients in the 12 months ending March 2015 increased by 7 percent over the previous year.