Flush with cash, Chinese homebuyers are flooding into the U.S. housing market, and paying top dollar.
“The Chinese came out really huge in the past year,” said Jonathan Miller of Miller Samuel, a New York-based appraiser.
Chinese buyers accounted for 18% of the $68.2 billion that foreigners spent on homes during the 12 months ended March 31, according to the National Association of Realtors.
At a median price of $425,000, the Chinese are also buying more expensive homes than other foreign buyers, who spent a median of nearly $276,000 on U.S. homes. And nearly 70% of those pricey Chinese deals were made in all cash.
Nowhere is the influx of Chinese homebuyers felt more strongly than in California, where more than half of the homes sold to foreign buyers went to Chinese nationals.
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