International buyers are now spending more money in the United States on fewer homes.

While total unit sales by international house purchasers declined from the previous year, overall sales dollar volume grew 13 percent, according to the National Association of Realtors' 2015 Profile of Home Buying Activity of International Clients Report.

Total overseas sales were predicted at $104 billion for the period April 2014 through March 2015, up from $92.2 billion the prior year.  property qatar

This accounts for 8% of the overall dollar volume of existing-home transactions.

"Sales transactions to purchasers outside the United States fell 10% in 2014, likely due to the strengthening of the US currency against other currencies and weakening foreign economies," said Lawrence Yun, NAR Chief Economist. "However, the amount of money spent has risen, indicating that international buyers in the United States have evolved into an upmarket group, spending more money on fewer homes."

Five nations accounted for 51% of all overseas purchases in 2014: China, Canada, Mexico, India, and the United Kingdom. For the first time, Chinese purchasers outstripped all other countries in terms of unit sales and dollar volume, spending an estimated $28.6 billion on real estate. Canada came in second with $11.2 billion in purchases, followed by India ($7.9 billion), Mexico ($4.9 billion), and the United Kingdom ($3.8 billion).

International purchasers prefer to buy more costly homes, with an average purchase price of $499,600 compared to the $255,600 average house price in the United States. The most costly residences were often purchased by Chinese purchasers, with an average price of $831,800.

In 2014, 35% of Realtors said they have worked with an international client, up to 28% in 2013. Approximately 46% of reported overseas transactions were for primary residences, 20% for residential rentals, and 26% for investment rentals, holiday houses, or both. Property was also purchased by international buyers for commercial rents and as a house for children enrolled in American educational institutions.

 Indian purchasers were the most likely to buy a permanent residence (79 percent), while Canadian purchasers were the most likely to buy a vacation house (47 percent) (47 percent).

While international buyers bought property all around the country, Florida, California, Texas, and Arizona accounted for half of all overseas transactions. Florida continues to be the most popular location for international buyers, accounting for 21% of all foreign purchases; California is second with 16%, Texas is at 8%, and Arizona is at 5%. Chinese purchasers flocked to the West Coast, which offers plenty of options for education, business, and commerce, while Canadians looking for winter vacation spots flocked to the Southwest and Florida.

The bulk of overseas transactions (55 percent) were purchased entirely with cash, compared to around a quarter of all domestic transactions (25 percent). Due to a lack of a U.S.-based credit history or Social Security number, difficulties in documenting mortgage requirements, and financial profiles that differ from those typically submitted to financial institutions by domestic residents, mortgage financing is a challenge for non-resident international clients.