2015 Profile of International Home Buying Activity of

International Clients
For the Twelve Month Period Ending March 2015

National Association of REALTORS

2015 Profile of Home Buying

Activity of International Clients
NATIONAL ASSOCIATION OF REALTORS
Research Division, June 2015

Lawrence Yun, Senior Vice President &

Chief Economist
Jed Smith, Managing Director, Quantitative
Research
Gay Cororaton, Research Economist

Dollar Volume of Residential Sales to

Foreigners
A $104 Billion Market, 12 Months Ending
March 2015

Two Types of International Clients

Total Number of Sales to Foreigners

Decreased, 12 Months Ending March 2015

International Clients Purchase at Upper

End of Market
Mean Prices: All Buyers vs. International Clients
12 Months Ending March 2015

International Clients: Region of Origin

Origin of Purchaser by Region

Florida and California
12 Months Ending March 2015

Origin of Purchaser by Region

Texas and Arizona
12 Months Ending March 2015

Average Home Purchase Price

By Country of Purchaser
12 Months Ending March 2015

Major Countries of Origin of Buyers

Percentage of Total International Sales Measured in Unit
Volume as of 12 Months Ending March of Respective Year

China and India of Increasing Importance

Chinese Dollar Volume Substantial
12 Months Ending March 2015

Top Four States of Interest

Florida, California, Texas, and Arizona

Why Do Foreigners Buy U.S.

Residential Real Estate?
12 Months Ending March 2015

Majority of Sales Are Cash

12 Months Ending March of Respective Year

Value of Dollar Impacts International

Purchases
Helps to Explain Decline in Sales 12 Months
Ending March 2015

Price of U.S. Home, Based on Currency

of Buyer
A Rising Dollar Made U.S. Residential Property
More Expensive

Average Purchase Price by Year

12 Months Ending March of Respective Year

A Significant Number of REALTORS

Reported Having
Foreign Clients
12 Months Ending March of Respective Year

How Do REALTORS Obtain

International Clients?
12 Months Ending March 2015

A Specialized Market: 5 Percent Had More than 5

International Buyers
12 Months Ending March of Respective Year

Not All Clients Buy:

Reasons Given for Clients Not
Purchasing
(Multiple Responses Permitted, 12 Months Ending
March 2015)

How Has Number of Clients Changed in

Past 5 Years?
12 Months Ending March 2015

Conclusions

International Clients: A Niche, Upscale Market

A Slowly Growing Market: Prices up
Greater Concentration of Sales in Upper Brackets
Sales to Both Resident and Non-Resident Foreigners.

A Niche Market: Overall Share is 8 Percent of

Existing Home Sales Dollar Volume.
Of Greater Importance in a Number of StatesFlorida,
California, Arizona, Texas.

Purchases for a Variety of Purposes: Investment,

Vacation, Residential.
An Upscale Market
Prices Significantly Above Median Price.

Requires Specialized Skills.

Cultural Awareness.
Real Estate Practices on an International Basis