California has always been a hot spot for foreign investors and foreign homebuyers - demand has been high in coastal areas and an influx of foreign money has contributed to soaring real estate prices in the state. The median price of a California home is expected to climb 6.5% this year to $476,300 and the housing market is forecasted to improve with sales to increase 6.3% next year. Despite this predicted improvement, the global economic slowdown may have an effect on the California housing market.
International buyers are accounting for the smallest share of California home sales in eight years as prices continue to rise and foreign investors slow buying. The share of international buyers peaked at 8% in 2013, but is now down to less than 4%. Buyers from mainland China, Hong Kong and Taiwan made up 43% of international purchases in California this year, followed by 8% each from Mexico and South Korea. Read the rest of the story here: http://re-insider.com/2015/11/05/foreign-homebuying-losing-momentum-in-market-recovery/
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