Foreign purchases of U.S. residential real estate surged to the highest level ever in terms of number of homes sold and dollar volume, reports CNBC.
Foreign buyers closed on $153 billion worth of U.S. residential properties between April 2016 and March 2017, a 49% jump from the period a year earlier, according to the National Association of Realtors. That surpasses the previous high, set in 2015.
The jump follows a year-earlier retreat and comes as a surprise, given the current strength of the U.S. dollar against most foreign currencies, which makes U.S. housing even more expensive. Apparently, the value of a financial safe-haven is outweighing the rising costs.
Foreign sales accounted for 10% of all existing home sales by dollar volume and 5% by number of properties. In total, foreign buyers purchased 284,455 homes, up 32% from the previous year.
Half of all foreign sales were in just three states: Florida, California and Texas.
Chinese buyers led the pack for the fourth straight year, followed by buyers from Canada, the U.K., Mexico and India. (Source: CNBC))
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