The percentage of homes purchased in Florida by international buyers fell in the 12 months ended June 2012, according to the National Association of Realtors.
In that period, 19% of home sales measured by dollar volumes went to nonresident foreigners after reaching 25% in the previous 12 months. Nearly all sales were cash, comprising 82% of transactions.
NAR conducted a survey of Florida realtors asking members about their experiences in working with non-resident international clients. More than 1,500 responded to the survey:
The median price paid by international buyers totaled $194,700 in the 12 months ended June 2012, higher than the overall Florida median price of $125,100 and a U.S. median price of $167,758, NAR says. Canadians, who made up the largest share amont foreign buyers at 31%, tended to buy in the lower price range while European and Latin American buyers bought at a higher range.
Foreign buyers were slightly more likely to purchase an existing home. About 12% of foreign buyers who purchased a home in Florida bought a new home, lower than the national average of 16%.
About 34% of foreign buyers in Florida purchased a property to use as a vacation home, while 26% purchased a home to use as a rental property.
