China became the largest international buyer of U.S. homes (in dollar value) last year, according to a report from NAR, taking over from Canada. In terms of volume of transactions, Canadians still represented the largest foreign buyers.
Over the 12 months ended March 2014, Chinese buyers bought about $22 billion worth of properties in the U.S., accounting for about 25% of total international sales.
What's more, 76% of sales were all-cash purchases, while 24% required mortgage financing. But what exactly were Chinese buyers looking for and where were they looking?
California, Washington, and New York were the biggest markets for Chinese buyers. The median price of homes they purchases was $523,148.
39% of properties purchased were intended to be used as primary residence and 49% were for vacation homes or to rent.
Here's a look at where Chinese homebuyers are snatching up the most properties in the U.S. and the types of properties they're looking for.
