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In the United States, real estate sales to foreigners fell by 21 over the year%

23.09.2024
Homesoverseas.ru editorial office
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The report of the National Association of Realtors (NAR) on the sale of real estate in the United States to international buyers has been published. NAR surveyed market players about their transactions with foreigners from April 2023 to March 2024.

  • Foreign buyers who lived in the United States as recent immigrants or had visas allowing them to live in the United States purchased $22.6 billion worth of homes on the secondary market, which is 3.4% less than in the previous year and accounts for 54% of the dollar volume of purchases. 
  • Foreign buyers living abroad purchased ready-made houses worth $ 19.4 billion, which is 35% less than a year earlier and accounts for 46% of the dollar volume. 
  • International buyers accounted for 2% of the total sales of second homes in the United States, which amounted to $2.1 trillion during this period. 
  • Overall, sales of finished homes in the United States reached 4.09 million in 2023, down 18.7% from 2022 and the lowest level since 1995.

The average ($780,300) and median ($475,000) purchase prices for foreign buyers were the highest during the entire NAR observation period.

Canadians, Chinese, Mexicans and Indians were the leaders among foreigners in the number of homes purchased in the United States. 

Most foreign citizens bought real estate in the following regions: Florida (20%), Texas (13%), California (11%), Arizona (5%), Georgia, New Jersey, New York and North Carolina (4% each).

"A strong U.S. dollar makes international travel cheaper for Americans, but makes U.S. homes much more expensive for foreigners," said NAR chief economist Lawrence Yun."Therefore, it is not surprising to see a decline in home sales to foreign buyers."

"Historically low housing supply and rising prices remain important factors constraining home sales for both American and international buyers," Yun added.

Source: Rismedia

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