Exchange Database
China buys $22bn worth of US homes, leads global pack
Foreign buyers of US residential real estate surged 35 percent last year, with Chinese buyers spending $22 billion-up from $12.8 billion, or 19 percent, from the previous year. Chinese buyers, looking for their own piece of the ‘American Dream,’ paid on average $523,148 per property. By comparison, Americans paid an average price of $199,575, according to NAR’s statistics. Chinese buyers are mostly flocking to Southern California, with Los Angeles, San Francisco and Irvine as their top three choices, according to the survey. Chinese purchased 32 percent of homes sold to foreign buyers in the state.
Outcomes:
Thanks to a surging economy that has seen China rival the United States as the world’s economic superpower, newly affluent Chinese customers are the silver lining in the US real estate market, which is slowly rebounding following the 2008 financial crisis. New-home prices in China dropped in June for a second straight month as a sluggish economy and excess supply has dampened domestic interest, according to the China Real Estate Index System Survey. Meanwhile, US house prices have increased 26 percent since March 2012
Government?:
No
Type of Exchange:
business
Partners:
National Association of Realtors
Participants (Types):
Chinese home buyers
Exchange Date:
Sunday, March 31, 2013 to Monday, March 31, 2014
Continuing:
No
Image:
Location:
United States
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