Attention Home Buyers: Foreign Buyers Purchased Fewer U.S. Properties...
There's a surprising amount of competition in the housing market this summer—even as the coronavirus pandemic rages on. But buyers aren't likely to find themselves sparring with foreign shoppers and investors.
The number of purchases from international buyers dropped 16% compared with last year, as they closed on just 3% of existing homes (previously lived-in residences), according to a recent National Association of Realtors® report. They spent about $74 billion in total on their purchases, down 5% from the previous year. "Foreign buyers stepping back a bit is good news for domestic buyers, who have a better chance of getting the property [they want,]"
says NAR's chief economist, Lawrence Yun.
The NAR report is based on a survey of 11,615 Realtors conducted from May 21 through June 24. It measured sales to foreign buyers who live in the United States, such as recent immigrants and visa holders, who made up nearly two-thirds of the sales measured in the report, as well as those who reside abroad. The sales were conducted from April 2019 through March 2020.
Only existing homes were included in the report, which did not measure sales of newly constructed residences.
By Clare Trapasso | Aug 6, 2020