WRE News August 3, 2023
Buyer
Foreign buyers purchased $53.3 billion worth of U.S. existing homes during the period from April 2022 through March 2023, according to new data from the National Association of Realtors (NAR). This represented a 9.6% decline from the 12-month period one year earlier.
Foreign buyers purchased 84,600 properties, down 14.2% from the prior year and the lowest quantity of homes since 2009, when NAR began tracking this data. NAR Chief Economist Lawrence Yun attributed this decline to “sharply lower housing inventory in the U.S. and higher borrowing costs across the world.”
But while the quantity of sales was down, the prices being paid were up. The average ($639,900) and median ($396,400) existing-home sales prices among international buyers were the highest ever recorded by NAR – up 7% and 8.3%, respectively, to the previous year. NAR said 15% percent of foreign buyers purchased properties worth more than $1 million from April 2022 to March 2023.
For the 15th consecutive year, Florida remained the top destination for foreign buyers, accounting for 23% of all international purchases. California and Texas tied for second (12% each), followed by North Carolina, Arizona, and Illinois (4% each).
At $1.23 million, Chinese buyers had the highest average purchase price, with a third – 33% – purchasing property in California. China and Canada remained first and second in U.S. residential sales dollar volume at $13.6 billion and $6.6 billion, respectively, continuing a trend going back to 2013, with Mexico ($4.2 billion), India ($3.4 billion) and Colombia ($900 million) rounding out the top five.
“Home purchases from Chinese buyers increased after China relaxed the world’s strictest pandemic lockdown policy, while buyers from India were helped by the country’s strong GDP growth,” Yun said. “A stronger Mexican peso against the U.S. dollar likely contributed to the rise in sales from Mexican buyers.”
NAR is expecting an uptick in foreign acquisitions, with Yun adding, “Recovering international travel following the end of the pandemic will bring more foreign transactions in coming months and years.”
Stay up to date on the latest real estate trends.
Buyer
March 13, 2025
Buying your first home is exciting, but let’s be real – it can also feel overwhelming.
Lifestyle
March 13, 2025
As much as our stories are about ourselves, they are also a window into our ancestral past.
Buyer
March 13, 2025
At one point or another, you’ve probably heard someone say, “Yesterday was the best time to buy a home, but the next best time is today.”
Lifestyle
March 12, 2025
It is not uncommon to go on a vacation and wonder, “Why am I not living here?” While the U.S. only ranks 23rd on the World Happiness Report, there are pockets of happi… Read more
Seller
March 12, 2025
A new data report from Redfin (NASDAQ: RDFN) has reached the conclusion that the wealthiest 1% of Americans have the financial capacity to buy 99% of the nation’s home… Read more
Seller
March 12, 2025
Over the past 5 years, home prices have risen dramatically.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today