Foreign homebuying drops in California as Chinese slow buying

Los Angeles

INTERNATIONAL buyers are accounting for the smallest share of California home sales in at least eight years as prices climb and investors from China, the biggest source of foreign purchases, slow buying, according to the state's Realtors group.

The share of international buyers fell this year to less than 4 per cent, compared with a peak of 8 per cent in 2013, the California Association of Realtors said in a report Thursday.