By Clare Trapasso | realtor.com
Much has been made of the dazzlingly wealthy foreign buyers who snap up luxury condos in New York City and Miami; breathtaking beach houses in Honolulu; and sophisticated modern estates in San Francisco and Seattle. For many of the international elite, money is no object when it comes to U.S. real estate.
But foreign-resident buyers and recent immigrants closed on far fewer properties in the 12-month period ending in March 2018—by about 21%, according to a recent report from the National Association of Realtors®. They spent $121 billion on 266,754 properties—making up 8% of the buyers of existing (previously lived in) homes.
The report was based on surveys filled out by more than 7,700 Realtors. It looked at existing-home sales from April 2017 through March 2018. The report did not include the pricier new-home construction, which has long been a favorite of international buyers.
