WASHINGTON – Texas and California tied as the second-most popular states for residential purchases by foreign buyers, according to a recent international transactions report from the National Association of Realtors.
From April 2022 to March 2023, foreign buyers were responsible for $53.3 billion in residential purchases in the U.S., picking up 84,600 existing homes throughout the country.
Texas and California accounted for 12 percent of those transactions. Florida was first at 23 percent of transactions.
Other findings from the report:
- Compared with 89 percent of all existing-homebuyers, 76 percent of foreign buyers purchased a detached single-family home or townhome, and 50 percent purchased a property for use as a vacation home, rental, or both.
- Of those purchases, 42 percent paid all cash, compared with 26 percent among all existing-homebuyers, and 45 percent of foreign buyers purchased in a suburban area. The foreign buyer median purchase price for April 2022 to March 2023 was $396,400, compared with $384,200 for all U.S. existing homes sold.
- While 51 percent reside in the U.S. as recent immigrants of less than two years at the time of the transaction or non-immigrant visa holders, buyers from China and Mexico led the buyer pool at 13 percent and 11 percent, respectively. China was responsible for $13.6 billion in transactions, and Mexico at $4.2 billion.