International buyers still buying in U.S.
International real estate purchases in the U.S. continue to account for a significant share of business according to thim 2010 NAR Profile of International Home Buying Activity.
After declining from 2007 to 2009, the share of Realtors reporting international clientele has increased.
Of the REALTORS® surveyed, more than a quarter (28%) served at least one international client in the 12-month period between March 2009 to March 2010. Additionally, more than half (18%) of those Realtors actually sold properties to international clients. Like U.S. buyers, the majority of foreign buyers purchased a detached single-family home. Sixty-six percent of Realtors reported that their international clients bought a single-family home. Condominiums were also popular, accounting for 23 percent of foreign purchases. Townhomes and commercial properties accounted for smaller shares (eight and three percent, respectively).
Foreign buyers generally paid more for their U.S. property than did domestic purchasers. The median price paid by international buyers was around $219,400, compared to the overall median price for an existing home of $173,000 (from April 2009 to April 2010). Foreign purchasers “on average” participated closer to the upper end of the market.
Source: NAR, Keunwon Chung, statistical economist