By Colin O'Leary
July 21st, 2022
International money is flowing back into U.S. real estate. International buyers purchased $59 billion worth of real estate from April 2021–March 2022, according to a recent report by the National Association of Realtors. The top U.S. destinations for foreign buyers were Florida, California, Texas, Arizona, New York and North Carolina. The total dollar volume of real estate purchased by international buyers was up 8.5% compared to the previous 12 months, ending a 3 year streak in declines of foreign purchases.
China, Canada, India, Mexico and Brazil were the top five countries of origin by U.S. residential sales dollar volume. The average sale price ($598,200) and median price ($366,100) were the highest ever recorded by NAR. The report notes that 98,600 homes were sold to international buyers, a decrease of 7.9% from the previous year. Rising purchase prices are helping offset the decline in the number of sold homes.
The report notes that for the 14th straight year, Florida remained the top destination for foreign buyers. Florida accounted for 24% of all international purchases. California ranked second with 11% of all international purchases, followed by Texas at 8%. Nearly 45% of all international purchases were all-cash deals.