Who is driving the real estate market growth (Hint: foreigners)

(From multiple sources)

Overseas buyers scooped up $92.2 billion of U.S. real estate last year, driven mainly by wealthy Chinese looking for a safe haven for their families and fortunes.  A new report from the National Association of Realtors says sales activity from international buyers surged 35 percent in the 12 months that ended in March. While international buyers represent only 7 percent of total existing home sales nationally over the period, their buying is highly focused on high-end homes in Florida, California, Texas and Arizona. Chinese buyers were the largest foreign buyers measured by dollar volume, with sales jumping 72 percent over the 12 month period to $22 billion. Chinese buyers now account for 24 percent of all sales made to overseas buyers by dollar volume.

The mean price paid by Chinese buyers hit $590,826 for the period. The report said over half of reported purchases by Chinese buyers were in California (35 percent), Washington state (9 percent), and New York (7 percent). About half of Chinese buyers said they planned to use their U.S homes for “vacation home/rental purposes” and 39 percent said they planned to use it as a primary residence.