After a surge of foreign home buyers in the U.S. in 2017, that rate is dipping back down in 2018, according to a report from the National Association of REALTORS®.
“International sales in the U.S. totaled $121 billion from April 2017 to March 2018, a 20 percent decline from a year ago,” the report states, which brings rates down to almost what they were in 2016.
NAR claims “ongoing housing shortages and rising home prices” is the reason for this recent pause in activity.
Texas is the third most popular state for foreign buying activity, and that continues to be true even with the decline. The report states that 9 percent of foreign buyers purchase in Texas.
“Foreign buyers usually purchase properties that are pricier than the average existing home,” the report says. The bulk of the buyers (49 percent) come from China, Canada, India, Mexico, and the United Kingdom.
Read the full report from the National Association of REALTORS® for more.