1. 2015 Profile of International Home Buying Activity of International Clients For the Twelve Month Period Ending March 2015 National Association of REALTORS®

2. 2015 Profile of Home Buying Activity of International Clients NATIONAL ASSOCIATION OF REALTORS ® Research Division, June 2015 Lawrence Yun, Senior Vice President & Chief Economist Jed Smith, Managing Director, Quantitative Research Gay Cororaton, Research Economist

3. Dollar Volume of Residential Sales to Foreigners A $104 Billion Market, 12 Months Ending March 2015

4. Two Types of International Clients

5. Total Number of Sales to Foreigners Decreased, 12 Months Ending March 2015

6. International Clients Purchase at Upper End of Market Mean Prices: All Buyers vs. International Clients 12 Months Ending March 2015

7. International Clients: Region of Origin

8. Origin of Purchaser by Region Florida and California 12 Months Ending March 2015

9. Origin of Purchaser by Region Texas and Arizona 12 Months Ending March 2015

10. Average Home Purchase Price By Country of Purchaser 12 Months Ending March 2015

11. Major Countries of Origin of Buyers Percentage of Total International Sales Measured in Unit Volume as of 12 Months Ending March of Respective Year

12. China and India of Increasing Importance Chinese Dollar Volume Substantial 12 Months Ending March 2015

13. Top Four States of Interest Florida, California, Texas, and Arizona

14. Why Do Foreigners Buy U.S. Residential Real Estate? 12 Months Ending March 2015

15. Majority of Sales Are Cash 12 Months Ending March of Respective Year

16. Value of Dollar Impacts International Purchases Helps to Explain Decline in Sales 12 Months Ending March 2015

17. Price of U.S. Home, Based on Currency of Buyer A Rising Dollar Made U.S. Residential Property More Expensive

18. Average Purchase Price by Year 12 Months Ending March of Respective Year

19. A Significant Number of REALTORS® Reported Having Foreign Clients 12 Months Ending March of Respective Year

20. How Do REALTORS® Obtain International Clients? 12 Months Ending March 2015

21. A Specialized Market: 5 Percent Had More than 5 International Buyers 12 Months Ending March of Respective Year

22. Not All Clients Buy: Reasons Given for Clients Not Purchasing (Multiple Responses Permitted, 12 Months Ending March 2015)

23. How Has Number of Clients Changed in Past 5 Years? 12 Months Ending March 2015

24. Conclusions International Clients: A Niche, Upscale Market – A Slowly Growing Market: Prices up – Greater Concentration of Sales in Upper Brackets – Sales to Both Resident and Non-Resident Foreigners. A Niche Market: Overall Share is 8 Percent of Existing Home Sales Dollar Volume. – Of Greater Importance in a Number of States—Florida, California, Arizona, Texas. Purchases for a Variety of Purposes: Investment, Vacation, Residential. An Upscale Market – Prices Significantly Above Median Price. Requires Specialized Skills. – Cultural Awareness. – Real Estate Practices on an International Basis