InternationalInvesting

Foreign buyers purchase US homes to the tune of $100 billion

While total volume rose, number of closed transactions declined

International buyers purchased $104 billion worth of U.S. homes from April 2014 through March 2015. This total represents an 8 percent increase in sales volume compared to the previous year’s estimate of $92.2 billion. While total volume rose, the number of transactions closed during the same period declined by 10 percent, according to the National Association of Realtors. “International purchasers in the U.S. have become an upscale group of buyers, spending more money on fewer homes,” said Lawrence Yun, NAR chief economist. In 2014, five countries accounted for 51 percent of all purchases by international buyers. For the first time, buyers from China exceeded all other countries in terms of units purchased and dollar volume, purchasing an estimated $28.6 billion worth of property. Chinese buyers also typically purchased the most expensive properties, at an average price of $831,800. Buyers from Canada followed with $11.2 billion in purchases. India-based buyer...