Chinese Top Foreign Buyers Of US Homes
Chinese buyers accounted for more US home purchases than any other foreign group for the 1st time in the past year, topping Canadians.
Buyers from China accounted for about $28.6-B of property deals, followed by Canada at $11.2-B, India with $7.9-B, Mexico with $4.9-B and the UK at $3.8-B, according to a report Wednesday by the National Association of Realtors. The data covered sales for the 12 months through March.
By number of transactions, total US home sales to international buyers dropped 10%, indicating a stronger USD decreased demand. Purchases by Dollar volume were about $104-B, up from the year-ago estimate of $92.2-B, the group said.
“This means international purchasers in the US have become an upscale group of buyers, spending more money on fewer homes,” Lawrence Yun, chief economist of the Realtors group, said in the statement.
Chinese buyers accounted for 16% of transactions by foreign buyers, while Canadians were 14%. Chinese buyers typically purchased the most expensive properties, at an average price of $831,800, the Realtors said.
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Paul Ebeling
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