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International buyers now spending more money on fewer homes in the US

According to the National Association of Realtors (NAR) ‘2015 Profile of Home Buying Activity of International Clients Report’, while total unit sales from international home buyers has decreased from last year, total sales in dollar volume has increased by 13%.

For the period of April 2014 through March 2015, total international sales were estimated at $104bn, compared to the previous year's estimate of $92bn. This represents 8% of the total existing-home sales in the US in dollar volume.

“In 2014, sales transaction to buyers outside of the U.S. dropped 10%, possibly due to the strengthening of the US dollar in relation to international currencies and weakening foreign economies,” said NAR chief economist Lawrence Yun, who added, “however, the amount of money spent has increased; this means international purchasers in the US have become an upscale group of buyers, spending more money on fewer homes.”

In 2014, five countries accounted for 51% of all purchases by international buyers: China, Canada, Mexico, India and the UK. For the first time, buyers from China exceeded all other countries in terms of units purchased and dollar volume, purchasing an estimated $28.6bn worth of property. Buyers from Canada followed with $11.2bn in purchases, followed by India with $7.9bn, Mexico with $4.9bn and the UK with $3.8bn.

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