Although many Americans continue to be cautious about purchasing property despite affordable conditions, international buyers are capitalizing on these opportunities.
Residential sales to international buyers totaled $82.6 billion in the 12-month period ending March 2012, according to a report from the National Association of Realtors. This is a significant increase from the previous year, when international buying activity totaled $66.4 billion.
Specifically, 45 percent of all sales were for properties priced below $250,000, while homes ranging from $250,000 to $500,000 accounted for 30 percent of all transactions.
"Today's advantageous market conditions have drawn more and more foreign buyers to the U.S. in recent years, signaling how desirable and profitable owning property in this country can be," said NAR President Moe Veissi.
Though real estate data shows that international buyers purchased homes in all 50 states, there were four that accounted for 51 percent of all transactions. These were Arizona, California, Florida and Texas. In addition, the report noted 55 percent of all buyers during the period were from Canada, China, Mexico, India and the United Kingdom.