NAR’s 2016 Profile of International Activity in U.S. Residential Real Estate is out now!
NAR’s 2016 Profile of Home Buying Activity in U.S. Residential Real Estate, conducted in April 2016, surveyed a sample of REALTORS® to measure the share of U.S. residential real estate sales to international clients, and to provide a profile of the origin, destination, and buying preferences of international clients, as well as the challenges and opportunities faced by REALTORS® in serving foreign clients. The survey presents information about transactions with international clients during the 12-month period between April 2015 and March 2016. A total of 5,960 REALTORS® responded to the 2016 survey.
Read the highlights and explore the resources below.
- Although foreigners purchased property nationwide, five states accounted for 51 percent of total residential property purchases: Florida (22 percent), California (15 percent), Texas (10 percent), Arizona (four percent), and New York (four percent).
- Foreign buyers purchased $102.6 billion of residential property from April 2015–March 2016, a decrease from $103.9 billion in the previous 12-month period.
- Foreign buyers purchased 214,885 residential properties, an approximately three percent increase from 208,947 in the previous 12-month period.
- Foreign buyers typically purchase more expensive properties.
NAR President Tom Salomone encourages that REALTORS® pursuing work in the international market should get their CIPS designation. He says,“Especially in the local markets attracting a hefty share of international buyers and sellers such as those in California, Florida and Texas, it’s advantageous for REALTORS® to consider earning the Certified International Property Specialist, or CIPS, designation. The specialized training on critical aspects of an international transaction such as exchange rate and tax issues and regional market conditions best prepare REALTORS® for the increasingly globally connected world of real estate.”
Read more information on the CIPS designation.