Foreign buyers purchased 9.6% less (in total dollars) of real estate for the latest 12-month period tracked when compared to the previous year, according to a new report from the National Association of Realtors (NAR). That said, the average ($639,900) and median ($396,400) existing-home sales prices among international buyers were the highest ever recorded by NAR.
China and Canada remained first and second in U.S. residential sales dollar volume respectively, continuing a trend going back to 2013. For the 15th consecutive year, Florida remained the top destination for foreign buyers, accounting for 23% of all international purchases.
Non-resident foreign buyers (52%) were more likely to make an all-cash purchase than resident foreign buyers (32%). Two-thirds of Colombian buyers (67%) made all-cash purchases, the highest share among the top five foreign buyer nations. Half of foreign buyers purchased their property for use as a vacation home, rental property, or both – up from 44% the previous year. Almost three out of five international buyers (59%) purchased detached, single-family homes.