Chinese homebuying in Calif. slows
The California Association of Realtors reports that Chinese international homebuyers accounted for 40 percent of all foreign homebuyers in California last year. That buying trend appears to be waning in 2019.
The 2019 share of Chinese international home purchases in California appears to be half of what it was in 2017 according to the NAR. Tariffs imposed on the Chinese by the Trump Administration has caused uncertainty about the Chinese economy and weakened the currency, likely prompting the decline in home purchases in the state.
In addition, rising home prices have decreased profit margins for international investors overall, particularly in California.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.
The 2019 share of Chinese international home purchases in California appears to be half of what it was in 2017 according to the NAR. Tariffs imposed on the Chinese by the Trump Administration has caused uncertainty about the Chinese economy and weakened the currency, likely prompting the decline in home purchases in the state.
In addition, rising home prices have decreased profit margins for international investors overall, particularly in California.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.