In addition, recent immigrants (who have moved to the U.S. within the past 2 years) and individuals with visas for more than 6 months purchased an additional $41 Billion, for total internationally oriented home sales of $82 Billion, up from $66 Billion reported in 2010.
Considering transfer, home improvement, redecorating, and other costs, the $82 billion of sales would have easily generated an additional $15 Billion of GDP.
Jed Smith is Managing Director, Quantitative Research with the National Association of Realtors®. He has worked on real estate issues for the past 20 years, providing input on a variety of housing, commercial real estate, tax, and planning issues. Recently he has been involved in several international studies.