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Chinese Now Largest Foreign Buyers of US Homes in Terms of Dollar Volume and Units

Spending US$28.6 billion (C$36.3 billion) to purchase 16% of all units purchased by foreign customers, Chinese buyers of American real estate now lead other foreign buyers in terms of both dollar volume and units, according to the National Association of Realtors’ 2015 Profile of Home Buying Activity of International Clients.

The US$28.6 billion spent in the year ending March 2015 was up 30% from US$22 billion spent in the year prior, while the average amount spent – US$831,800 – is three times the average paid by all US property buyers (US$255,600) and is also US$332,200 more than the average paid by international buyers (US$499,600). Canada, second place in terms of units purchased, accounted for 14% of international sales, while Asia-Oceania overall made up 35%. All-cash purchases were prevalent, occurring in 69% of transactions with foreign Chinese buyers.

The typical profile of an international Chinese buyer is a US resident who paid US$831,800 in cash for a single family detached home in a suburban area of Los Angeles, California; who will intend to use it as a primary residence; and who is likely to send their children overseas for secondary education.

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