Foreign Buyers Increase U.S. Home Purchases

Washington, DC, June 12, 2012 -- Due to low prices and the relative weakness of the dollar, international buyers continue to invest in U.S. residential real estate, according to the National Association of Realtors.

NAR said total residential international sales in the U.S. for the past year ending March 2012 equaled $82.5 billion, up from $66.4 billion in 2011.

Total international sales were evenly split between non-resident foreigners and recent immigrants.

“Today’s advantageous market conditions have drawn more and more foreign buyers to the U.S. in recent years, signaling how desirable and profitable owning property in this country can be,” said NAR President Moe Veissi.

“Low housing prices, a good inventory condition and increased buying power with today’s exchange rates help attract international clients.” 

International buyers bought homes throughout the country, but four states accounted for 51% of the purchases – Florida, California, Texas and Arizona.

International buyers came from all over the globe, but Canada, China (The People’s Republic of China including Hong Kong), Mexico, India, and the United Kingdom accounted for 55% of all international transactions, according to the survey.

Forty-five percent of international purchases were under $250,000. In addition, there appears to be a gradual increasing trend toward purchases in the $250,000 to $500,000 price range.