Foreigners purchased US$92.2 billion of U.S. homes in the 12 months through March, led by buyers from China and Canada, according to the National Association of Realtors.
Canadians bought the highest number of homes, accounting for 19% of residences sold to foreigners. That’s down from 23% a year earlier as U.S. home prices rose from a 2012 post-housing-bubble low and the Canadian dollar weakened.
Spending by Chinese buyers soared 72% from a year earlier to US$22 billion, with their purchases accounting for 24% of spending by international buyers, the trade association said Tuesday from Washington. Total investments by foreigners jumped 35%.