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1、20242024International Transactions in U.S.Residential Real EstateNational Association of REALTORSAbout the ReportHighlightsEconomic Conditions International BuyersForeign Buyer Purchases of Existing-HomesOrigin of International BuyersDestinations of International BuyersPricesFinancingIntended Use of

2、 the PropertyType of Residential PropertyType of Area Where Property is LocatedReasons International Clients Did Not Purchase U.S.PropertyClient TransactionsTransactions with International BuyersSources of Leads and ReferralsInternational SellersClients Searching for Property Outside the United Stat

3、esAppendicesComputation of the Dollar Volume of Foreign Buyer PurchasesNARs Global PartnershipsNAR Research Group 23 4 6 10111317192021222324252626272829303132Profile of International Transactions in U.S.Residential Real Estate 2024NATIONAL ASSOCIATION of REALTORSPageContentsAs the largest economy i

4、n the world and a land of immigrants,the United States(U.S.)attracts people from across the globe who want to live,work,and study here.International clients are an important market niche served by REALTORS.Since 2009,the National Association of REALTORS(NAR)has conducted an annual survey of its memb

5、ers to measure the volume of U.S.residential real estate transactions with international clients,gather information on the origin,destination,and buying preferences of international clients,and identify the challenges and opportunities faced by REALTORS in serving foreign clients.The 2024 Profile of

6、 International Transactions in U.S.Residential Real Estate presents information regarding REALTOR transactions with international clients who purchased and sold U.S.residential property during the 12-month period of April 2023March 2024.This report is based on an online survey that was conducted fro

7、m April 4May 19,2024.The survey was sent to 150,000 randomly selected REALTORS and to members of state and local associations,which also conducted surveys of foreign buyers.1 To correct for over/under-sampling at the state level,NAR weighted the distribution of responses to the distribution of NAR m

8、embers by state as of May 2024.A total of 17,060 REALTORS responded to the national market survey,of which 1,407 reported an international residential foreign buyer.Information about the characteristics of international clients is based on the most recent closed transactions of the respondents durin

9、g the 12-month period.The term international or foreign client refers to two types of clients:Non-resident foreigners(Type A):Non-U.S.citizens with permanent residences outside the U.S.Resident foreigners(Type B):Non-U.S.citizens who are recent immigrants(less than two years at the time of the trans

10、action)or non-immigrant visa holders who reside for more than six months in the U.S.for professional,educational,or other reasons.In this report,the number of foreign buyers and the number of properties purchased are used interchangeably,assuming that one foreign buyer purchased one property.1 Respo

11、nses from oversample surveys of the Canopy Association of REALTORS,Central Carolina Association of REALTORS,Chicago Mainstreet Organization of REALTORS,Greater Metropolitan Association of REALTORS,Houston Association of REALTORS,Long Island Board of REALTORS,Piedmont Regional Association of REALTORS

12、,California Association of REALTORS,Ohio REALTORS,and Texas REALTORS were added to the national random sample.The total set of responses was weighted by the distribution across states of NAR members with a primary specialization in residential real estate.3NATIONAL ASSOCIATION of REALTORSAbout the R

13、eportProfile of International Transactions in U.S.Residential Real Estate 20244NATIONAL ASSOCIATION of REALTORS$42 Billion Dollar volume of foreign buyer residential purchases during April 2023March 2024(2.0%of$2.1 trillion of the dollar volume of existing-home sales)54,300 Number of foreign buyer e

14、xisting-home purchases during April 2023March 2024(1.3%of 4.06 million existing-home sales)57%Foreign buyers who reside in the United States(recent immigrants;less than two years at the time of the transaction)or non-immigrant visa holders(Type B)Top Foreign BuyersCanada(13%of foreign buyers,$5.9 B)

15、China(11%of foreign buyers,$7.5 B)Mexico(11%of foreign buyers,$2.8 B)India(10%of foreign buyers,$4.1 B)Colombia(4%of foreign buyers,$0.7 B)Top DestinationsFlorida(20%)Texas(13%)California(11%)Arizona(5%)Georgia(4%)$475,000Foreign buyer median purchase price(compared to$392,600 for all U.S.existing h

16、omes sold)2024 HighlightsProfile of International Transactions in U.S.Residential Real Estate 20245NATIONAL ASSOCIATION of REALTORS50%Foreign buyers who paid all-cash(compared to 28%among all existing-home buyers)45%Foreign buyers who purchased a property for use as a vacation home,rental,or both(co

17、mpared to 16%among all existing-home buyers)76%Foreign buyers who purchased a detached single-family home or townhome(compared to 90%of all existing-home buyers)45%Foreign buyers who purchased in a suburban area(similar to 47%among all existing-home buyers)2024 HighlightsProfile of International Tra

18、nsactions in U.S.Residential Real Estate 20246Economic Conditions17NATIONAL ASSOCIATION of REALTORSEconomies around the globe have continued to battle growing worldwide inflation and have attempted policies to maintain spending while dealing with slower-than-expected recovery following the COVID-19

19、pandemic.Additionally,the ongoing conflicts in Russia/Ukraine and Israel/Palestine have had global economic effects.Following a V-shaped economic recovery in 2021,the world gross domestic product rose by 3.2%in 2023,with the strongest growth in Emerging and Developing Asia(5.6%),the United States(2.

20、5%),and Latin America&the Caribbean(2.3%).With COVID travel restrictions and bans almost entirely removed,international travel has been in full recovery.However,even with rebounds in international tourism,many travelers may be held back by global inflation keeping travel costs high.As of February 20

21、24,the largest increase in monthly arrivals compared to one year ago were from Mexico(+222,027),Japan(+65,212),and China(+62,736).With a rebound in international travel,tourist arrivals are close to pre-pandemic levels.As of February 2024,the 4.7 million monthly tourist arrivals to the United States

22、 were just below the nearly 5 million arrivals in February 2020.Global Economy Remains Stubborn Amidst Tourist Travel RecoveryProfile of International Transactions in U.S.Residential Real Estate 20245.890.02.04.06.08.010.02019:Jan2019:May2019:Sep2020:Jan2020:May2020:Sep2021:Jan2021:May2021:Sep2022:J

23、an2022:May2022:Sep2023:Jan2023:May2023:Sep2024:JanMillionsTourist Arrivals to the United States-500,000 1,000,000 1,500,000 2,000,000 2,500,000Jan/2021Apr/2021Jul/2021Oct/2021Jan/2022 Apr/2022 Jul/2022 Oct/2022 Jan/2023Apr/2023Jul/2023Oct/2023Jan/2024Monthly Tourist Arrivals to the United StatesCana

24、daAsianMexicoWestern Europe-8-6-4-202468102018 2019 2020 2021 2022 2023GDP Growth(Annual Pecent Change)Emerging andDeveloping AsiaEuro areaLatin America andthe CaribbeanWorldUnited StatesCanadaSource:IMFSource:National Travel and Tourism OfficeSource:National Travel and Tourism Office8The U.S.housin

25、g market experienced its lowest annual level of sales since 1995 in 2023(4.09 million).Mortgage rates raised in efforts to combat inflation,along with historically low inventory,kept many buyers on the sidelines and maintained low domestic buyer activity.As of April 2024,existing-home sales were at

26、an annualized rate of 4.14 million,down 1.9%year-over-year.Even with elevated mortgage rates,pent-up demand and low available housing inventory have kept U.S.median home prices strong and increased on a year-over-year basis.With the slowed buyer activity,as of the end of March 2024,unsold homes on t

27、he market were 14%above the level one year ago but were equivalent to just 3.2 months of the monthly sales pace,well below the ideal level of 6 months.The median existing-home sales price hit$407,600 in April 2024,up 5.7%year-over-year.When a currency depreciates against the U.S.dollar,more of the l

28、ocal currency is needed to buy a U.S.dollar,making the price of a U.S.home more expensive in terms of the foreign buyers local currency.As of March 2024,more Chinese yuan(9.4%),Euros(3.7%),and Canadian dollars(3.6%)were needed to purchase a U.S.dollar compared to one year ago.However,fewer pesos wer

29、e needed to purchase a U.S.dollar(-4.6%).However,stock market and wealth gains have allowed foreign buyers to spend in the U.S.where single-family home prices remain affordable compared to the cost of a property in a central business district in many other countries.NATIONAL ASSOCIATION of REALTORSS

30、ource:NARLow Supply,Pent-Up Housing Demand Keeping Home Prices StrongSource:NARProfile of International Transactions in U.S.Residential Real Estate 2024010000002000000300000040000005000000600000070000002014/Jan2014/Sep2015/May2016/Jan2016/Sep2017/May2018/Jan2018/Sep2019/May2020/Jan2020/Sep2021/May20

31、22/Jan2022/Sep2023/May2024/JanMonthly Existing-Home Sales on an Annualized Rate$407.6$0$50$100$150$200$250$300$350$400$4502014/Jan2014/Sep2015/May2016/Jan2016/Sep2017/May2018/Jan2018/Sep2019/May2020/Jan2020/Sep2021/May2022/Jan2022/Sep2023/May2024/JanMedian Existing-Home Sales Price($000)9%4%4%0%-5%Y

32、ear-over-Year Percent Change in the U.S.Median Existing-Home Sales Price Measured in the Local Currency as of March 2024Source:NAR9NATIONAL ASSOCIATION of REALTORSHome prices in many U.S.metro areas are comparatively inexpensive compared to prices in the central areas of global cities.Profile of Int

33、ernational Transactions in U.S.Residential Real Estate 2024Home Price Comparison Among Global Cities and U.S.MetrosGlobal CitiesPrice Per Sq.Meter(as of June 24)U.S.MetrosMedian Home Price(in 000)Price Per Sq.MeterHong Kong$18,845San Jose-Sunnyvale-Santa Clara,CA$1,840$10,650Singapore$17,610Anaheim-

34、Santa Ana-Irvine,CA$1,365$7,900Switzerland,Zurich$17,495San Francisco-Oakland-Hayward,CA$1,300$7,520Israel,Tel Aviv$17,208Urban Honolulu,HI$1,086$6,280Luxembourg$13,217San Diego-Carlsbad,CA$981$5,680Canada$12,504San Luis Obispo-Paso Robles,CA$909$5,260United Kingdom,London$10,806Oxnard-Thousand Oaks

35、-Ventura,CA$909$5,260France,Paris$10,295Salinas,CA$899$5,200Norway,Oslo$8,926Naples-Immokalee-Marco Island,FL$850$4,920Austria,Vienna$8,274Los Angeles-Long Beach-Glendale,CA$823$4,760Netherlands,Amsterdam$8,192Boulder,CO$822$4,760Denmark,Copenhagen$7,719Seattle-Tacoma-Bellevue,WA$755$4,370Sweden,Sto

36、ckholm$7,682Boston-Cambridge-Newton,MA-NH$705$4,080Taiwan,Taipei$7,027Barnstable Town,MA$702$4,060Ireland,Dublin$5,830Nassau County-Suffolk County,NY$696$4,030Italy,Milan$5,776New York-Jersey City-White Plains,NY-NJ$663$3,840Finland,Helsinki$5,524New York-Newark-Jersey City,NY-NJ-PA$659$3,810Puerto

37、Rico,San Juan$5,470Bridgeport-Stamford-Norwalk,CT$658$3,810Germany,Berlin$5,359Denver-Aurora-Lakewood,CO$651$3,770Czech Republic,Prague$5,278Santa Fe,NM$631$3,650Spain,Madrid$4,680Miami-Fort Lauderdale-West Palm Beach,FL$625$3,620Japan,Tokyo$4,473Newark,NJ-PA$610$3,530Portugal,Lisbon$4,382Reno,NV$60

38、6$3,510United Arab Emirates,Dubai$4,260Fort Collins,CO$605$3,500Slovenia,Ljubljana$4,236Washington-Arlington-Alexandria,DC-VA-MD-WV$600$3,470Poland,Warsaw$4,154Riverside-San Bernardino-Ontario,CA$580$3,360Belgium,Brussels$3,717Portland-Vancouver-Hillsboro,OR-WA$574$3,320India,Mumbai$3,317St.George,U

39、T$555$3,210Slovakia,Bratislava$3,310Salt Lake City,UT$551$3,190Thailand,Bangkok$3,280Sacramento-Roseville-Arden-Arcade,CA$534$3,090Sources:Global Property Guide for prices in global cities.The price is the cost per square metre in the centre of the premier city.National Association of REALTORS for e

40、xisting home prices in U.S.metro areas in 2024 Q1 converted to price/sq.m.based on median home area of 1,860 median square feet from the 2024 Profile of Home Buyers&Sellers.U.S.median prices are as of 2024 Q1.Prices in global cities are based on latest data available compiled by Global Property Guid

41、e.See https:/ Buyers211As global economies continue to recover and a stronger dollar makes it more expensive to purchase in the U.S.,the number of existing homes purchased by foreign buyers during April 2023March 2024 decreased to 54,300,the lowest level since NAR estimated foreign buyer purchases i

42、n 2009.This is a 36%decline from the prior period,or 30,300 fewer buyers.Non-resident(Type A)buyers accounted for 43%of home purchases.Along with the decrease in number of homes purchased,the dollar volume of foreign buyer purchases decreased to$42.0 billion,a 21.2%decrease from the prior period.Wit

43、h increased home prices,the average foreign buyer purchase price rose to$780,300,a significant 21.9%year-over-year increase.From April 2023 to March 2024,foreign buyers made up a slightly smaller share of declining US existing-home sales.The share of foreign buyer purchases to existing-home sales wa

44、s 1.3%(1.8%in the prior period)and the dollar volume of foreign buyer purchases to the total existing-home sales volume decreased slightly to 2.0%(2.3%in the prior period).NATIONAL ASSOCIATION of REALTORSForeign Buyer Purchases of Existing-HomesProfile of International Transactions in U.S.Residentia

45、l Real Estate 2024118 99 89 120 105 73 60 45 42 42 23 115 110 126 165 162 111 94 62 57 43 31 232.6208.9214.9284.5266.8183.1154.0107.098.684.654.320142015201620172018201920202021202220232024Number of Existing-Home Purchases by Foreign Buyers(Thousand Units)Non-resident(Type A)Resident(Type B)Number o

46、f Homes PurchasedNote:Based on transactions in the 12 months ending March of each year.12NATIONAL ASSOCIATION of REALTORSProfile of International Transactions in U.S.Residential Real Estate 2024$46.7$54.5$43.5$74.9$53.0$33.2$33.0$22.0$24.9$29.9$19.4$45.5$49.4$59.1$78.1$67.9$44.7$41.0$32.4$34.1$23.4$

47、22.6$92.2$103.9$102.6$153.0$121.0$77.9$74.0$54.4$59.0$53.3$42.020142015201620172018201920202021202220232024Dollar Volume of Existing-Home Purchases by Foreign Buyers(Billion Dollars)Non-resident(Type A)Resident(Type B)TotalNote:Based on transactions in the 12 months ending March of each year.Survey

48、YearAll Foreign BuyersNon-resident foreign buyer purchases(Type A)Resident foreign buyer purchases(Type B)All Foreign BuyersNon-resident foreign buyer purchases(Type A)Resident foreign buyer purchases(Type B)Dollar VolumeUnits2011$66.4$33.2$33.2210,800 105,398 105,398 7.1%4.9%2012$82.5$41.2$41.2206,

49、200 103,096 103,096 8.9%4.7%2013$68.2$34.8$33.4192,500 98,137 94,363 6.3%4.1%2014$92.2$46.7$45.5232,600 117,846 114,797 7.4%4.6%2015$103.9$54.5$49.4208,900 99,388 109,560 8.1%4.2%2016$102.6$43.5$59.1214,900 88,546 126,338 7.2%4.0%2017$153.0$74.9$78.1284,500 119,514 164,941 10.0%5.2%2018$121.0$53.0$6

50、7.9266,800 104,821 161,933 7.6%4.9%2019$77.9$33.2$44.7183,100 72,573 110,512 5.0%3.5%2020$74.0$33.0$41.0154,000 59,576 94,386 4.4%2.8%2021$54.4$22.0$32.4107,000 44,600 62,400 2.8%1.8%2022$59.0$24.9$34.198,600 42,000 56,600 2.6%1.6%2023$53.3$29.9$23.484,600 41,500 43,100 2.3%1.8%2024$42.0$19.4$22.654

51、,300 23,300 31,000 2.0%1.3%Reference period is April of the preceeding year to March of the current yearDollar VolumeNumber of Homes PurchasedAs a Percent of SalesDollar Volume and Number of Foreign Buyer Purchases of Existing-home Sales13Origin of International Buyers By region of origin,Asian buye

52、rs remained the largest group of buyers,with a buyer share of 36%.Latin American buyers were the second largest group,with a 29%share.(Mexico is included in Latin America/Caribbean,although it is geographically part of North America).European buyers accounted for 17%of foreign buyers,while Canadian

53、buyers alone accounted for 13%.Measured by the number of homes purchased,Canada returned as the top country of origin among foreign buyers during April 2023-March 2024,accounting for 13%of the number of homes purchased by foreign buyers(10%in the prior period).NATIONAL ASSOCIATION of REALTORSChina,w

54、hich was the top country of origin of foreign buyers in the previous survey period,was the second most common,with an 11%share.Mexico was the third largest origin of foreign buyers,with an 11%share(same as the prior period).India remained the fourth largest foreign buyer,with an increased 10%share.C

55、olombia maintained the fifth-largest share with an increased 4%share.Brazil,The United Kingdom,Germany,Cuba,and Israel round out the top 10 countries of origin of foreign buyers.Profile of International Transactions in U.S.Residential Real Estate 2024CanadaChina*MexicoIndiaColombiaBrazilU.K.GermanyC

56、ubaIsrael200710%9%13%6%3%3%12%3%0%0%200823%8%9%6%1%2%12%4%0%0%200918%7%10%9%1%1%11%5%0%0%201023%9%10%5%1%1%9%4%0%2%201123%9%7%7%1%3%7%4%0%1%201224%12%8%6%1%3%6%3%0%1%201323%12%8%5%1%2%5%3%0%2%201419%16%9%5%1%2%5%3%0%2%201514%16%9%8%1%2%4%3%1%1%201612%14%8%7%2%3%4%3%0%1%201712%14%10%5%1%4%5%2%1%1%201

57、810%15%8%5%2%3%3%2%0%2%201911%11%9%5%1%2%3%2%0%1%202012%12%9%6%4%3%2%2%0%1%20218%6%7%4%2%1%4%1%0%2%202211%6%8%5%3%3%2%2%1%2%202310%13%11%7%3%2%3%2%0%2%202413%11%11%10%4%4%4%4%2%2%Top 10 list is based on the most recent year.Percent Share of Top 10 Countries of Origin to Foreign Buyer Purchases 14NAT

58、IONAL ASSOCIATION of REALTORSProfile of International Transactions in U.S.Residential Real Estate 2024*China includes buyers from the Peoples Republic of China,Hong Kong,and Taiwan.Purchases decreased among all of the top five foreign buyers.Despite the decrease in purchases,China remains the larges

59、t foreign buyer in terms of the dollar volume of homes purchased.Chinese buyers purchased$7.5 billion of existing homes,down significantly from$13.6B in the prior period but remaining the largest due to the average purchase price of$1.3 million($1.2 million in the prior period).Dollar Volume of Exis

60、ting-Homes Purchased by Top 5 Foreign Buyers in Billion DollarsCanadaChina*MexicoIndiaColombiaAll Foreign BuyersShare of Top 52010$17.1$11.2$6.5$5.0$0.5$66.061%2011$13.1$7.0$4.2$5.1$0.6$66.445%2012$15.9$12.0$6.5$5.2$0.6$82.549%2013$11.8$12.8$3.6$3.9$0.5$68.248%2014$13.8$22.7$4.5$5.8$0.5$92.251%2015$

61、11.2$28.5$4.9$8.0$0.9$103.952%2016$8.9$27.3$4.8$6.1$1.2$102.647%2017$19.0$31.7$9.3$7.8$1.0$153.045%2018$10.5$30.4$4.2$7.2$1.2$121.044%2019$8.0$13.4$3.7$4.2$0.8$77.939%2020$9.5$11.5$5.8$5.4$1.3$74.045%2021$4.2$4.8$2.9$3.1$1.1$54.429%2022$5.5$6.1$2.9$3.6$1.0$59.032%2023$6.6$13.6$4.2$3.4$0.9$53.354%202

62、4$5.9$7.5$2.8$4.1$0.7$42.050%Number of Existing-Homes Purchased by Top 5 Foreign BuyersCanadaChina*MexicoIndiaColombiaAll Foreign BuyersShare of Top 5201069,100 27,100 30,100 15,000 3,000 300,600 48%201148,500 19,000 14,800 14,800 2,100 210,800 47%201249,500 24,700 16,500 12,400 2,100 206,200 51%201

63、343,900 23,100 15,800 10,400 1,600 192,500 49%201443,700 38,400 20,000 12,600 2,100 232,600 50%201529,400 34,300 17,900 17,300 3,000 208,900 49%201626,900 29,200 17,900 14,500 3,500 214,900 43%201733,800 40,600 28,500 14,900 3,300 284,500 43%201827,400 40,400 20,200 13,100 4,400 266,800 40%201919,90

64、0 19,900 15,900 9,700 2,300 183,100 37%202018,300 18,400 14,400 9,600 5,500 154,000 43%20218,800 6,700 7,100 4,700 1,600 107,000 27%202211,300 6,100 7,800 5,100 3,000 98,600 34%20238,500 11,000 9,300 5,900 2,500 84,600 44%20247,100 6,000 6,000 5,400 2,200 54,300 49%15NATIONAL ASSOCIATION of REALTORS

65、Profile of International Transactions in U.S.Residential Real Estate 2024*China includes buyers from the Peoples Republic of China,Hong Kong,and Taiwan.Chinese buyers continue to have the highest average purchase price at$1.3 million,as buyers purchased in expensive states:25%of Chinese buyers purch

66、ased a property in California,and 10%purchased in New York.Canadian buyers had the second-highest average purchase price at$834,000,primarily purchasing in resort areas which typically bring higher price tags.Chinese buyers also had the highest median purchase price of$697,900,followed closely by In

67、dian buyers at$625,000(significantly higher than the prior period).Indian buyers were more likely to purchase in current hot markets like Florida or Texas.Average Purchase Price of Top 5 Foreign BuyersCanadaChina*MexicoIndiaColombiaAll Foreign Buyers2010$247,300$412,200$214,700$333,300$175,000$311,4

68、002011$269,100$370,900$283,000$346,400$277,500$315,0002012$321,700$484,000$396,200$419,000$269,400$400,0002013$269,100$555,900$225,500$372,700$330,000$354,2002014$314,700$590,800$224,100$459,000$220,800$396,2002015$380,300$831,800$274,800$460,200$307,100$499,6002016$332,100$936,600$266,200$420,400$3

69、41,500$477,5002017$560,800$781,800$326,800$522,440$293,100$536,9002018$383,900$752,600$208,800$547,700$267,600$454,4002019$400,000$674,900$233,700$431,500$336,300$426,1002020$517,200$622,300$403,500$561,800$227,500$480,8702021$473,600$710,400$407,500$662,600$672,200$508,4002022$485,000$1,005,700$365

70、,700$702,600$334,300$598,2002023$779,300$1,234,500$448,800$576,500$355,400$639,9002024$834,000$1,255,600$462,700$751,800$301,700$780,300Median Purchase Price of Top 5 Foreign BuyersCanadaChina*MexicoIndiaColombiaAll Foreign Buyers2010$200,000$320,800$134,400$283,300$175,000$219,4002011$177,300$282,1

71、00$168,800$305,600$150,000$228,3002012$171,900$333,300$200,000$308,300$275,000$274,2002013$183,000$412,500$156,300$300,000$175,000$225,9002014$212,500$516,400$141,100$321,400$225,000$268,3002015$196,300$486,100$171,200$380,000$250,000$284,9002016$222,300$542,100$176,500$333,400$425,000$277,4002017$2

72、88,600$529,900$180,900$340,600$275,000$302,3002018$292,000$439,100$189,100$412,800$225,000$292,4002019$268,200$454,900$170,100$358,600$325,000$280,6002020$292,300$449,500$249,900$448,300$216,200$314,6002021$400,900$476,500$341,400$538,900$342,300$351,8002022$416,100$470,600$315,100$501,100$236,600$3

73、66,1002023$572,900$723,200$278,100$515,600$458,300$396,4002024$548,600$697,900$329,500$625,000$280,000$475,00016NATIONAL ASSOCIATION of REALTORSWhere Top 5 Foreign Buyers Purchased U.S.Residential Property Profile of International Transactions in U.S.Residential Real Estate 202442%15%7%6%5%4%4%3%3%3

74、%3%3%2%1%TexasCaliforniaIllinoisArizonaFloridaGeorgiaTennesseeNorth CarolinaOhioColoradoDelawareOklahomaNew MexicoMichiganMajor Destinations of Foreign Buyers from Mexico17%13%9%9%8%8%7%6%5%5%5%3%3%2%1%FloridaTexasNew JerseyMassachusettsCaliforniaNorth CarolinaMichiganWashingtonGeorgiaPennsylvaniaAr

75、kansasIllinoisOklahomaOhioNew YorkMajor Destinations of Foreign Buyers from India77%8%5%3%3%3%3%FloridaConnecticutTexasNorth CarolinaMichiganIllinoisNew YorkMajor Destinations of Foreign Buyers from Colombia25%19%10%9%7%4%4%4%3%3%3%3%3%2%2%CaliforniaFloridaNew YorkNevadaTexasMichiganNew JerseyNorth

76、DakotaIllinoisGuamUtahVirginiaWashingtonNorth CarolinaOhioMajor Destinations of Foreign Buyers from China41%23%9%6%4%4%3%3%2%2%1%1%FloridaArizonaHawaiiCaliforniaNew YorkTexasNorth CarolinaPennsylvaniaMichiganSouth CarolinaIllinoisOhioMajor Destinations of Foreign Buyers from Canada 17Florida remains

77、 the top destination for foreign buyers,with 20%of all foreign buyers purchasing in the state.Floridas main buyers were from Latin America(35%)and Canada(27%).It was the top state destination among Canadian,Indian,and Colombian buyers.Texas increased to the second-most popular foreign buyer destinat

78、ion,with a 13%share.Forty-nine percent of Texas buyers came from Latin America/Caribbean,and 31%from Asia/Oceania.Texas was the top destination among Mexican buyers and the second top destination among Indian buyers.California had the third-largest foreign buyer share,at 11%.The majority 55%of Calif

79、ornias foreign buyers came from Asia/Oceania,followed by Latin America(20%).It was the top destination among Chinese buyers and the second top destination among Mexican buyers.NATIONAL ASSOCIATION of REALTORSArizona was the fourth-most popular destination,with 5%of all foreign buyers,slightly higher

80、 than in the prior period.The far majority of Arizonas foreign buyers 60%were Canadians.Georgia rose in the ranks and was the fifth top destination and attracted 4%of all foreign buyers.Georgias foreign buyers were relatively evenly spread between Latin America/Caribbean(31%),Asia/Oceania(28%),Afric

81、a(21%),and Europe(21%).Other major destinations were New Jersey,New York,North Carolina,Illinois,and Michigan.Destinations of International BuyersProfile of International Transactions in U.S.Residential Real Estate 2024FLTXCAAZGANJNYNCILMI200923%11%13%7%1%1%2%3%4%1%201022%8%12%11%5%2%4%2%1%2%201131%

82、9%12%6%2%3%3%2%3%1%201226%7%11%7%4%1%4%2%3%3%201323%9%17%9%2%2%3%1%2%2%201423%12%14%6%2%3%3%2%3%2%201521%8%16%5%2%3%3%2%3%2%201622%10%15%4%2%4%4%3%4%2%201722%12%12%4%3%4%3%3%3%2%201819%9%14%5%4%4%5%3%3%3%201920%10%12%5%3%4%3%3%3%2%202022%9%15%3%3%4%5%3%3%2%202121%9%16%5%3%4%4%3%3%3%202224%8%11%7%2%3

83、%4%4%3%1%202323%12%12%4%2%2%3%4%4%1%202420%13%11%5%4%4%4%4%3%2%Top 10 list is based on the most recent year.Share of Top 10 States to Total Foreign Buyer Purchases 18NATIONAL ASSOCIATION of REALTORSForeign Buyers*in the Top 5 States Profile of International Transactions in U.S.Residential Real Estat

84、e 202435%27%19%19%0%Latin America/CaribbeanNorth AmericaEuropeAsia/OceaniaAfricaRegion of Origin of Floridas Foreign Buyers 49%31%9%7%4%Latin America/CaribbeanAsia/OceaniaEuropeAfricaNorth AmericaRegion of Origin of Texas Foreign Buyers 55%20%13%7%5%Asia/OceaniaLatin America/CaribbeanEuropeNorth Ame

85、ricaAfricaRegion of Origin of Californias Foreign Buyers 60%15%13%13%0%North AmericaLatin America/CaribbeanAsia/OceaniaEuropeAfricaRegion of Origin of Arizonas Foreign Buyers 31%28%21%21%0%Latin America/CaribbeanAsia/OceaniaAfricaEuropeNorth AmericaRegion of Origin of Georgias Foreign Buyers*Mexico

86、is geographically part of North America,but it is reported in theLatin America/Caribbean region.19PricesThe median purchase price among foreign buyers was$475,000,which is higher than the median price of$392,600 for existing homes sold in the U.S.from April 2023March 2024 and the median purchase pri

87、ce the prior year.The price difference reflects the choice of location and types of properties purchased by foreign buyers.Eighteen percent of foreign buyers purchased properties worth more than$1M from April 2023March 2024.Typically,foreign buyers who reside in the U.S.(Type B)tend to purchase more

88、 expensive properties than those purchased by buyers who live abroad(Type A).However,this year,foreign buyers who live abroad purchased higher-priced properties.From April 2023March 2024,the median existing-home purchase price among Type A buyers was$478,200 compared to$469,900 among Type B buyers.B

89、uyers who reside in the U.S.tend to purchase single-family homes for primary residence in the suburbs compared to buyers who live abroad,who tend to purchase homes for vacation or rental use,a greater fraction of which are condominiums in central cities and urban areas.NATIONAL ASSOCIATION of REALTO

90、RSProfile of International Transactions in U.S.Residential Real Estate 2024$277,380$302,290$292,400$280,600$314,600$351,800$366,100$396,400$475,000$223,100$235,800$249,300$259,600$274,600$305,500$355,700$384,200$392,600201620172018201920202021202220232024Median Purchase Price Among Foreign and All B

91、uyersAll Foreign BuyersAll Existing Home Buyers$253,684$298,045$294,900$277,700$282,300$331,900$349,200$400,000$478,200$298,701$304,818$290,300$282,500$342,500$375,800$378,300$389,500$469,900201620172018201920202021202220232024Median Purchase Price Among Foreign BuyersNon-resident(Type A)Resident(Ty

92、pe B)20FinancingDue to tight competition among the limited homes on the market,differing currency exchange rates,difficulty in obtaining mortgage financing,and other reasons,foreign buyers tend to make all-cash purchases.The share of foreign buyers who made all-cash purchases was 50%compared to 28%a

93、mong all buyers of existing homes.Foreign buyers who live abroad are more likely to make an all-cash purchase than foreign buyers who reside in the U.S.Sixty-eight percent of non-resident foreign buyers made an all-cash purchase compared to 36%among foreign buyers who live in the U.S.More than two-t

94、hirds of Canadian(69%)and Chinese(68%)buyers made an all-cash purchase,compared to just under half of Mexican(44%)and Colombian buyers(42%).Asian Indian buyers had the lowest share of cash sales,at 27%,as most(89%)reside in the U.S.and can obtain mortgage financing.NATIONAL ASSOCIATION of REALTORSPr

95、ofile of International Transactions in U.S.Residential Real Estate 202473%72%72%63%59%61%60%52%68%33%35%30%25%27%24%30%32%36%201620172018201920202021202220232024All-Cash Purchases by Type of Foreign BuyerNon-resident(Type A)Resident(Type B)69%68%44%42%27%All-Cash Purchases Among Top 5 Foreign Buyers

96、55%62%62%63%60%55%50%50%47%41%39%39%44%42%50%21%29%30%30%32%27%24%22%21%22%19%19%24%26%28%201020112012201320142015201620172018201920202021202220232024All-Cash BuyersForeign BuyersAll U.S.Existing-Home Buyers21Forty-five percent of foreign buyers purchased the property for use as a vacation home,rent

97、al property,or both,a five-percentage point decrease from last year.Sixty-eight percent of foreign buyers who live abroad purchased a property for vacation or rental compared to 27%of buyers who reside in the U.S.Nationally,homes purchased for vacation or rental use have been elevated for the past s

98、everal years,accounting for 17%of existing-home sales this past year.The prominence of remote work and strong rent growth has increased the attractiveness of a home purchase for vacation or rental use.Canadian buyers were the most likely to purchase a home for vacation use at 49%.Asian Indian buyers

99、 were the most likely to purchase a home for primary residence use at 66%.Colombian buyers were the most likely to purchase a home for residential rental use,accounting for 68%of these buyers.Mexican(5%),Chinese(3%),and Colombian(3%)buyers were more likely to purchase a home for student use.NATIONAL

100、 ASSOCIATION of REALTORSIntended Use of the PropertyProfile of International Transactions in U.S.Residential Real Estate 202449%3%9%6%8%30%18%25%68%22%8%5%13%16%51%52%66%16%3%5%3%4%5%3%6%CanadaChinaMexicoIndiaColombiaIntended Use Among Major Foreign Buyers Vacation HomeResidential RentalVacation and

101、 RentalPrimary ResidenceStudent UseOtherDont Know79%73%70%67%69%66%64%67%70%68%21%20%17%17%18%24%27%25%31%27%2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Percent of Foreign Buyer Purchases for Vacation or Investment RentalNon-resident(Type A)Resident(Type B)54%52%51%46%42%39%37%39%40%42%44%50%45

102、%13%13%12%12%13%14%15%15%14%13%17%16%17%2012201320142015201620172018201920202021202220232024Percent of Foreign Buyers Who Purchased a Property for Use as a Vacation Home,Rental Property,or Both UsesForeign BuyersAll U.S.Existing-Home Buyers22Type of Residential Property The majority(65%)of foreign b

103、uyers purchased detached single-family homes,whether they live abroad(57%)or in the United States(72%).Nationally,90%of all existing-home buyers purchased single-family homes.Foreign buyers who live abroad had a higher preference for condominiums,with 23%purchasing condos,compared to foreign buyers

104、who reside in the U.S.at 10%.Colombians were most likely to purchase a condominium as they are most likely to use the property as a residential rental.A higher fraction of Mexican buyers purchased residential land.NATIONAL ASSOCIATION of REALTORSProfile of International Transactions in U.S.Residenti

105、al Real Estate 202457%10%23%7%3%72%11%10%3%4%65%11%16%5%4%Detached Single-familyTownhouseCondominiumResidential LandOtherResidential Property Purchases by Type of Foreign Buyer Non-resident(Type A)Resident(Type B)All Foreign Buyers69%67%73%76%21%8%11%7%14%13%18%17%5%8%66%4%8%3%7%CanadaChinaMexicoInd

106、iaColombiaResidential Property Purchases of Major Foreign Buyers Detached Single-familyTownhouseCondominiumResidential LandOther23Type of Area Where Property is LocatedAlthough they purchase in central cities more often than domestic buyers,foreign buyers most often purchase property in suburban are

107、as,garnering 45%of foreign buyer purchases.More than three-fourths of Asian Indian buyers purchased a property in a suburban area which correlates to the data showing that 66%of these buyers purchased a property for use as a primary residence.Canadian buyers were the most likely to purchase a proper

108、ty in a resort area,as nearly half purchased a vacation home property.NATIONAL ASSOCIATION of REALTORSProfile of International Transactions in U.S.Residential Real Estate 202427%30%23%25%28%33%29%27%30%30%29%28%29%35%31%50%43%52%50%48%46%48%52%50%44%48%49%46%45%45%9%11%7%11%13%12%14%14%15%18%15%17%1

109、9%15%16%14%17%17%14%11%9%8%6%5%8%7%7%5%5%8%201020112012201320142015201620172018201920202021202220232024Location of Property PurchasedCentral City/Urban AreaSuburban AreaSmall Town/Rural AreaResort Area34%31%33%18%33%13%50%45%76%61%16%15%20%6%6%37%5%3%CanadaChinaMexicoIndiaColombiaLocation Preference

110、 Among Major Foreign Buyers Central City/Urban AreaSuburban AreaSmall Town/Rural AreaResort Area24Similar to the prior period,64%of REALTORS reported they had a client who decided not to or was unable to purchase U.S.residential property.The primary reasons why the client decided not to or was unabl

111、e to purchase U.S.property included not finding a property available to purchase(36%),the cost of properties(32%),and not being able to obtain financing(17%).NATIONAL ASSOCIATION of REALTORSReasons International Clients Did Not Purchase U.S.PropertyProfile of International Transactions in U.S.Reside

112、ntial Real Estate 202450%55%47%47%45%43%38%38%42%40%36%40%38%64%64%201020112012201320142015201620172018201920202021202220232024Among REALTORS With International Clients,Percent Share Who Had Any Client Who Decided Not to Purchase U.S.Property8%14%7%14%11%16%17%11%20%30%27%1%4%6%7%9%9%10%11%17%32%36%

113、Loss of home country benefitsExposure to U.S.tax lawsExchange rateCondo/maintenance feesInsurance costsProperty taxesImmigration laws which prevent foreignersfrom living in the U.S continuously year roundCan not move moneyCould not obtain financing/Not able to qualifyfor mortgageCost of propertyCoul

114、d not find a property to purchasePercent of Respondents Who Reported These Reasons Why Their International Client Decided Not to Purchase U.S.Residential Property20242023Client Transactions25326Despite a significantly slowed housing market,the fraction of respondents who reported they worked with an

115、 international client whether the client purchased property or not remained stable at 15%during the 12-month period of April 2023-March 2024 from 16%in the prior period.NATIONAL ASSOCIATION of REALTORSTransactions with International BuyersProfile of International Transactions in U.S.Residential Real

116、 Estate 202427%27%28%35%31%29%23%20%19%15%17%16%15%2012201320142015201620172018201920202021202220232024Share of Respondents Who Had an International Buyer Client Leads/ReferralsReferrals from former clients,personal contacts,and former clients and business contacts accounted for 72%of leads and refe

117、rrals among agents who worked with foreign clients who purchased residential property.Website and online listings accounted for 14%of leads and referrals.25%24%16%9%5%5%4%3%2%9%Referred by Previous ClientPersonal ContactsWas a Former ClientWebsite/Internet Organic SearchWebsite/Internet(Paid Ad)Walk

118、-in/Open House/Phone CallFrom a Business contact in the U.S.From a Business Contact Outside the U.S.Signs/Ads on Boards or YardOtherSource of Referrals/Leads on Foreign Residential Buyers27NATIONAL ASSOCIATION of REALTORSInternational SellersFour percent of respondents reported working with internat

119、ional clients who sold U.S.residential property.Sixty percent of sellers who sold U.S.property lived abroad(Type A).The median sales price of properties sold by foreign owners of U.S.property was$392,600.Similar to foreign buying trends,Canada comprised the largest group of international clients who

120、 sold U.S.residential property from April 2023 to March 2024,accounting for 24%of international sellers.Chinese homeowners made up 11%of sellers,followed by Mexican(9%),Asian Indian(6%),and UK(6%)homeowners.Also following foreign buyer trends,Florida was the top location for properties sold by forei

121、gn clients,accounting for 27%of properties sold by international clients.California,Texas,Arizona,and New York rounded out the top 5.Profile of International Transactions in U.S.Residential Real Estate 20247%6%6%4%4%3%4%4%4%2016 2017 2018 2019 2020 2021 2022 2023 2024Percent of Respondents Who Repor

122、ted International Clients Who Sold Residential PropertyCanadaChinaMexicoIndiaUnited Kingdom IsraelAustraliaColombiaFranceBrazil201722%7%12%4%7%2%1%2%3%3%201820%12%8%5%4%3%2%2%2%2%201916%10%9%4%6%2%2%2%2%2%202019%11%6%4%6%3%1%1%4%6%202121%8%6%4%5%2%1%2%2%1%202221%7%6%4%3%1%1%4%2%4%202311%15%5%4%5%2%2

123、%2%1%2%202424%11%9%6%6%3%3%3%2%2%*less than 1%Share of Top 10 International Clients Who Sold U.S.Residential PropertyFLCATXAZNYNVGAILMIDC201726%9%10%8%3%3%4%3%2%*201827%14%10%6%4%2%2%3%3%*201931%12%8%6%4%2%2%2%2%*202031%10%8%6%4%3%2%2%3%*202130%13%10%3%4%2%4%2%1%*202230%11%7%6%4%5%2%1%*2%202331%14%1

124、0%3%4%*3%3%1%1%202427%12%12%7%3%3%3%3%3%3%*less than 1%Share of Top States to Total International Clients Who Sold U.S.Residential Property28NATIONAL ASSOCIATION of REALTORSInternational real estate is multi-faceted.Not only do international clients choose to purchase U.S.real estate,but U.S.clients

125、(whether U.S.citizens or non-U.S.citizens)are also interested in purchasing property abroad.Nine percent of respondents reported they had a client who was seeking to purchase property in another country,a decrease from 16%last year.One-third of U.S.clients(whether U.S.citizens or non-U.S.citizens)we

126、re interested in purchasing a property to be used as both a rental and vacation home(33%).Mexico remains the most popular country among clients seeking to purchase property abroad.Other Latin American countries of interest are Costa Rica,Colombia,and the Dominican Republic.Italy is the top European

127、destination country of interest,followed by Spain,Portugal,the United Kingdom,and France.In addition to being the top country of origin of foreign buyers,Canada is also of interest to U.S.clients seeking to purchase property abroad.Clients Searching for Property AbroadProfile of International Transa

128、ctions in U.S.Residential Real Estate 202414%9%7%7%11%8%9%16%9%2016 2017 2018 2019 2020 2021 2022 2023 2024Percent of Respondents Who Reported a U.S.Client Seeking a Residential Property Abroad33%25%19%17%2%4%Why U.S.Clients Searched for Residential Property AbroadMexicoCosta RicaItalyColombiaSpainC

129、anadaDominican RepublicPortugal United KingdomFrance201514%12%6%3%4%6%2%1%6%3%201613%4%2%4%3%3%2%1%1%2%201712%7%3%1%3%2%1%1%3%2%201810%3%3%*1%3%1%1%2%3%20199%3%3%1%1%3%0%1%2%1%20206%3%1%2%2%4%2%*1%2%20217%3%1%1%2%5%2%1%1%1%202211%3%1%3%3%3%3%2%1%2%20236%3%2%1%1%3%3%2%2%1%202416%8%6%5%4%4%4%4%3%3%*le

130、ss than 1%Percent Share of Responses on Countries U.S.Clients Searched for Property AbroadAppendices430Foreign buyers as a share of existing-home sales:The foreign buyer share of U.S.existing-home sales are based on survey data from the monthly REALTORS Confidence Index Survey.Share of non-resident(

131、Type A)and resident(Type B)foreign buyers:The split between Type A and Type B foreign buyers is computed from the NAR International Survey based on the most recent foreign buyer transactions of the respondents.U.S.Existing-Home Sales:Sales for the 12 months are obtained by summing the monthly non-se

132、asonally adjusted sales.Average Price,Existing-Home Sales:Since total market value is being computed,the average rather than median price is used.The average is computed as the average of the monthly average price of U.S.existing-home sales.Average Prices,International Sales:The average prices for r

133、esidential property purchased by non-resident(Type A)and resident(Type B)foreign buyers are estimated from the NAR International Survey based on the most recent foreign buyer transactions of the respondents.NATIONAL ASSOCIATION of REALTORSComputation of the Dollar Volume of Foreign Residential Purch

134、asesProfile of International Transactions in U.S.Residential Real Estate 2024Foreign buyer and existing-home sales Line 1Existing homes purchased by foreign buyers as a share of existing-home sales 1.3%Line 2Share of non-resident foreign buyers(Type A)to total foreign buyers 43%Line 3Share of reside

135、nt foreign buyers(Type B)to total foreign buyers57%Line 4Existing-home sales4,058,000 Line 5Average price of existing-home sales$515,300Line 6Average price of existing-homes purchased by non-resident(Type A)foreign buyers$832,600Line 7Average price of existing-homes purchased by resident(Type B)fore

136、ign buyers$729,800Calculation of Number of Existing-Home Purchases of Foreign BuyersTo get Line 8,multiply Line 1 by Line 4 by Line 2Line 8Number of existing-homes purchased by non-resident foreign buyers(Type A)23,300 To get Line 9,multiply Line 1 by Line 4 by Line 3Line 9Number of existing-homes p

137、urchased by resident foreign buyers(Type B)31,000 To get Line 10,add Line 8 and Line 9Line 10Total number of existing-homes purchased by foreign buyers54,300 Calculation of Dollar Volume of Existing-Home Purchases of Foreign BuyersTo get Line 11,multiply Line 6 by Line 8Line 11Dollar volume of exist

138、ing-homes purchased by non-resident(Type A)foreign buyers,in billions$19.4To get Line 12,multiply Line 7 by Line 9Line 12Dollar volume of existing-homes purchased by resident(Type B)foreign buyers,in billions$22.6To get Line 13,add Line 11 and Line 12Line 13Dollar volume of existing-homes purchased

139、by foreign buyers,in billions$42.0Line 14Foreign buyer purchases as a percent of existing-home sales1.3%Line 15Foreign buyer purchases as a percent of the dollar volume of existing-home sales2.0%Estimation of U.S.Existing-Homes Purchased by Foreign Buyers During April 2023March 202431NARs Global Par

140、tnerships The NATIONAL ASSOCIATION OF REALTORS plays an integral role in opening doors for REALTORS to compete in the global marketplace.By opening markets for business and keeping members informed of the latest developments occurring around the world,NAR gives REALTORS the tools they need to succee

141、d in the global market.NAR maintains formal relationships with over 100 foreign real estate associations in 75+countries.These relationships are formed to advance the interests of REALTORS worldwide,to uphold the highest standards of real estate practice,and to facilitate international business arra

142、ngements in strategic markets for REALTORS and non-U.S.real estate practitioners.Additionally,the Certified International Property Specialist(CIPS)Designation offers specialized education and services to real estate professionals who aim to profit in the global market.For more information and resour

143、ces about working with international clients,visit https:/www.nar.realtor/global To access the Research Groups reports on the housing market,visit https:/www.nar.realtor/research-and-statistics NATIONAL ASSOCIATION of REALTORSProfile of International Transactions in U.S.Residential Real Estate 20243

144、2NATIONAL ASSOCIATION OF REALTORS RESEARCH GROUPLawrence Yun,PhDChief Economist&Senior Vice President,ResearchJessica Lautz,Dr.RealEst.Deputy Chief Economist and Vice President,Research Lead Author:Matt ChristophersonDirector,Business and Consumer ResearchThe NAR Research Group acknowledges NARs Ste

145、phanie Aker,Global Council Engagement and Development Manager,for reviewing this report.2024 National Association of REALTORSAll Rights Reserved.May not be reprinted in whole or in part without permission of theNational Association of REALTORS.For reprint information,contactdatanar.realtorCover phot

146、o:Brandon MowinkelThe National Association of REALTORS is Americas largest trade association,representing 1.5 million members,including NARs institutes,societies and councils,involved in all aspects of the real estate industry.NAR membership includes brokers,salespeople,property managers,appraisers,

147、counselors and others engaged in both residential and commercial real estate.The term REALTOR is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS and subscribes to its strict Code of Ethics.Working for Americas property owners,the National Association provides a facility for professional development,research and exch眀饉粟饉粟厜厐梐網讉睔獙獹焀饉粟厜厐梐網讉睔獙獹焀瘀癬綃瘀癬貌刀綃刀貌刀刀啎啎