International sales were severely hampered by the pandemic in 2020, but buyers from several countries still managed to pluck down big bucks for U.S. homes.
Barely more than 100,000 homes were sold to foreign buyers from April 2020 to March 2021, according to a National Association of Realtors analysis reported by Inman. Three in 10 home purchases by foreign buyers came from one of five countries, Inman reports.
Unsurprisingly, buyers from neighboring countries made up the biggest percentage of foreign sales. Canadiens led with 8 percent of foreign purchases, worth $4.2 billion. Mexicans were close second with 7 percent, although those homes were worth significantly less at $2.9 billion.
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Chinese buyers finished third with 6 percent of sales, but were first in terms of sales volume at $4.5 billion. India and the United Kingdom each accounted for 4 percent of foreign purchases of U.S. homes.
Paying in cash was the favored option of foreign buyers, with more than half slapping down only greenbacks.
Florida and California were top targets of international buyers, followed by Texas, Arizona, New York and New Jersey.
International purchases plunged during the pandemic, as travel restrictions and economic factors weighed heavily on the market. More international buyers are expected to enter the American housing market as the pandemic eases.
[Inman] — Holden Walter-Warner