- China’s housing market is so tough that buyers have been heading to the US to purchase a home.
- Chinese buyers spent $13.6 billion on US residential real estate in the year ending March 2023.
- A shaky economy and lower confidence in the property sector have weakened the housing market in China.
China’s housing market is so bad that homebuyers appear to be flocking overseas to purchase a home in the US, according to data from the National Association of Realtors.
Chinese buyers were the biggest source of foreign capital into the residential real estate market through the year ending in March 2023, NAR said in a recent report, with buyers spending $13.6 billion on US residential properties in the period. That’s more than double the total amount spent in the prior year, with Chinese buyers spending $6.1 billion on home purchases in the period ending March 2022.
Chinese buyers represented 13% of foreign buyer home purchases in the US, up from 6% of foreign buyer purchases last year. Their median purchase price for a home was $723,200, almost double the US median home price of $419,103, per Redfin data.
In a shift from recent trends, most buyers purchased homes as a primary or secondary residence rather than as an investment, the NAR report said.
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