The number of U.S. residential home sales acquired by foreign buyers totaled $82.5 billion in the 12-month period ending in March, according to new data from the National Association of Realtors (NAR). This is up from $66.4 billion in the 12-month period ending March 2011.
NAR determines that total international sales were evenly split between non-resident foreigners and recent immigrants. Four states accounted for 51% of the purchases: Florida (leading with 26%), California, Texas and Arizona.
‘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 Miami-based Veissi & Associates Inc. ‘Low housing prices, a good inventory condition and increased buying power with today's exchange rates help attract international clients.’