Residential International Sales Increase $16 Billion
More international buyers purchased U.S. residential property, with more than half paying in cash
Residential international sales in the U.S. increased $16 billion from 2011, according to recent data from the National Association of Realtors. International buyers view U.S. residential purchases as profitable investments. Total residential international sales accounted for $82.4 as of March 2012.
Florida, California, Texas and Arizona accounted for 51 percent of the total purchases with Florida experiencing the fastest growth. Forty-five percent of international purchases were under $250,000 with a gradual increasing trend toward purchases in the $250,000 to $500,000 price range.
Another interesting result from the survey was the choice of payment used by international buyers; 66 percent of sales were cash transactions.
“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,” says NAR President Moe Veissi, broker-owner of Veissi & Associates.
What do you think about the growing trend of international sales?
