Foreign investors may have been responsible for driving up record sales in terms of dollars, but that did not equate to sales volume, according to the National Association of Realtors.
Between April 2021–March 2022, international buyers picked up some 98,600 existing-homes in the U.S. That’s down 7.9 percent from the previous year and the lowest total since NAR tracking began in 2009.
In terms of dollars, however, international buyers broke a three-year streak of declines, totaling $59 billion worth of U.S. residential properties. That represents an 8.5 percent increase from the previous 12-month period.
“For the second year in a row, restrictions and general caution tied to international travel during the pandemic slowed home buying by wealthier foreign buyers,” said NAR Chief Economist Lawrence Yun. “Even so, domestic home buying demand was exceptional and, therefore, boosted home sales nationally.”
The average ($598,200) and median ($366,100) existing-home sales prices among international buyers were the highest ever recorded by NAR –17.7 percent and 4.1 percent higher, respectively, than the previous year.
China and Canada remained first and second in U.S. residential sales dollar volume at $6.1 billion and $5.5 billion, respectively. For the 14th straight year, Florida remained the top destination for foreign buyers, accounting for 24 percent of all international purchases. California ranked second with 11 percent, followed by Texas, Arizona and a tie between New York and North Carolina.