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October 2017   Volume 43, Number 10      
 

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U.S. Home Sales to Foreigners Surge by 49 Percent

As homes in the United States have become relatively more affordable than in Canada, Canadian real estate investors nearly doubled their purchases of American homes lately. Many Canadians have struggled to purchase homes in markets such as Toronto and Vancouver where there have been rapid price gains.

The National Association of Realtors released a report that said foreign buyers and recent immigrants have spent an estimated $153 billion on American properties in the year ending March 2017. That was an increase of 49 percent over the previous year and the highest level since record-keeping began in 2009.

“The political and economic uncertainty both here and abroad did not deter foreigners from exponentially ramping up their purchases of U.S. property over the past year,” said Lawrence Yun, chief economist at the National Association of Realtors.

Roughly half of all foreign sales were made in just three states: Florida, California and Texas. Canadians preferred Florida. Chinese buyers focused on California. Mexican buyers bought properties in Texas. New Jersey and Arizona were the fourth and fifth most popular states.

The report estimated the average foreign buyer paid just over $302,000 per property, an increase of 9 percent from 2016. Roughly 10 percent of foreign buyers paid over $1 million.

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In this issue:

Commercial Real Estate Becoming More Vulnerable to Cyberattack

8 States With the Largest Housing Bubbles

20 ZIP Codes with the Highest Real Estate Returns

Banks Tightening Lending Standards for Commercial Real Estate in Q2

Facebook Launches Dynamic Ads for Real Estate

Nextdoor App Rolls Out Real Estate Listings

Robot Real Estate Agents to Sell Homes

U.S. Home Sales to Foreigners Surge by 49 Percent

What Real Estate Agents Need to Know About Zero-down Loans

Four Costs Homebuyers Often Forget to Factor Into Their Budgets



 


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