International sales continue to climb in U.S. market..

International sales continue to climb in U.S. market

Due to low prices and the relative weakness of the dollar, international buyers continue to identify the U.S. as a desirable place to own property and make a profitable investment.

According to the NATIONAL ASSOCIATION OF REALTORS® ® 2012 Profile of International Home Buying Activity, 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.

International buyers bought homes throughout the country, but four states accounted for 51 percent of the purchases – Florida, California, Texas, and Arizona. Florida has been the fastest growing destination of choice, accounting for 26% of foreign purchases. California was second with 11% and Texas and Arizona accounted for 7%.

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 percent of all international transactions, according to the survey. Canada and China remain the fastest-growing home countries.

Of those international sales:

Canada accounted for 24%
China accounted for 11%, up from 9% in 2011.
Mexico was third with 8%
India and the U.K. both accounted for 6%.


Other figures:
45% of international purchases were <$250k
30% between $250k and $500k
With the average price purchased at $400k (as compared with $212 average for the US as a whole).
62% of these purchases were all cash.

More info on the National Association of Realtors article.

Francis

PS: another article on the subject: on CNN Money: Cheap homes lure foreign buyers.

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