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U.S. homes are still a bargain on the international market
Properties in the U.S. are still considered a “good buy” relative to prices internationally, researchers note at the National Association of Realtors’ Economists’ Outlook blog.
“A typical foreign buyer probably will not face sticker shock when considering a U.S. purchase,” Jed Smith, NAR’s managing director of quantitative research, notes at the blog.
U.S. housing is still considered affordable relative to foreign home prices, despite recent gains in the U.S. dollars’ value against foreign currencies as well as a limited number of properties for sale in the U.S. that have been driving up home prices.
In a recent issue of The Economist, researchers note that U.S. prices relative to income were 11 percent undervalued compared to Britain and Sweden, which were 27 percent overvalued. Similar situations were noted in Australia (39 percent overvalued), Canada (35 percent overvalued), and France (25 percent overvalued).
The following countries, along with the U.S., were considered undervalued, including Germany (11 percent undervalued); Russia (21 percent undervalued); and South Korea (30 percent undervalued). In rents, The Economist’s research showed the U.S. also provided better value on rents than Canada, Britain, Mexico, and China.
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