TRULIA REPORTS GROWING FOREIGN INTEREST IN LOS ANGELES AND SAN FRANCISCO, BUT DECLINES IN MIAMI AND LAS VEGAS
Unfazed by Rising Home Prices, U.S. Home Searches from Asia and Africa on the Rise
SAN FRANCISCO, June 19, 2013 – Trulia, Inc. (NYSE: TRLA), a leading online marketplace for homebuyers, sellers, renters, and real estate professionals, today published its International House Hunter Report, which provides the inside scoop on current foreign interest in the U.S. housing market. Based on all home searches on Trulia between April 1, 2012, and March 31, 2013, this report tracks which U.S. metropolitan areas prospective foreign home searchers are looking at and how that has changed during the past year. Check out the full report here.
Top 10 U.S. Housing Markets for International House Hunters
Foreign homebuyers remain big players in many U.S. housing markets, even as asking home prices rose 9.5 percent year-over-year (Y-o-Y) in May. Florida remains the most popular real estate market but has recently become less attractive as home prices recover. Of the 10 housing markets with the highest share of searches on Trulia coming from outside the U.S., eight are on the decline. Only in Los Angeles and San Francisco did the foreign share of search traffic rise in the past year.
Not All Foreigners Turned Off By Rising Home Prices
With the U.S. housing market in recovery, foreign interest in American real estate appears to be declining, but diversifying. Today, foreigners account for 4.3 percent of all the home searches on Trulia – down slightly from 4.4 percent the previous year. The largest share of foreign home searches over the past one-year period came from Canada (19 percent), the United Kingdom (9 percent), and Germany (5 percent), but interest has fallen or stagnated in these North American and European countries. However, home searches are on the rise from lower- and middle-income countries with strong economic growth and stronger spending power. In the past year, the share of searches from Nigeria, India, Russia, the Philippines, and China all leapt by more than 15 percent Y-o-Y.
America’s Global Neighborhoods: Bel Air, Tribeca, Brickell
International house hunters often concentrate their home searches in the most famous and expensive neighborhoods in town. For instance, 41 percent of searches in the Bel Air neighborhood of Los Angeles come from other countries, compared with 13 percent of searches in the overall Los Angeles metro area. Of the top 10 ZIP codes ranked by their share of foreign searches, four are on the west side of Los Angeles, three are in Manhattan, one is Miami, and two are in the Lakeland-Winter Haven metro in Central Florida.
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