For the Twelve Month Period Ending March 2015
This report is based on a survey of REALTORS® about existing home sales to resident and non-resident foreigners over the time period April 2014 through March 2015.
- Approximately 209,000 houses are estimated to have been sold to foreign buyers over the time period, approximately four percent of total Existing Home Sales.
- The total foreign sales dollar volume is estimated at $104 billion, approximately eight percent of total Existing Home Sales dollar volume.
- Foreign clients are an upscale group of buyers, paying on average nearly $500,000 for a house, compared to the overall U.S. average house price of about $256,000.
- 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 bulk of purchases by international clients were all-cash, accounting for approximately 55 percent of reported foreign transactions. Mortgage financing tends to be a major problem for non-resident international clients due to financial profiles that are different in some cases from those normally received by the financial institution from domestic residents.
- The percentage of REALTOR® respondents who reported working with international clients in the 12 months ending March 2015 increased by seven percent over the previous year.
Source: National Association of REALTORS®
