International buyers purchased $42 billion worth of U.S. residential properties from April 2023 to March 2024, down 21.2% from the prior year, according to the National Association of Realtors (NAR).
The 54,300 existing homes sold – the lowest since NAR began tracking in 2009 – slid 36% from the previous year.
However, the average ($780,300) and median ($475,000) purchase prices for foreign buyers were the highest ever recorded by NAR.
Canada, China, Mexico and India were the top countries of origin by number of U.S. existing homes purchased. The top U.S. destinations for foreign buyers were Florida (20%), Texas (13%), California (11%), Arizona (5%), Georgia, New Jersey, New York and North Carolina (4% each).
“The strong U.S. dollar makes international travel cheaper for Americans but makes U.S. homes much more expensive for foreigners,” says Lawrence Yun, chief economist for NAR, in a statement. “Therefore, it’s not surprising to see a pullback in U.S. home sales from foreign buyers.”
Foreign buyers who resided in the U.S. as recent immigrants or who were holding visas that allowed them to live in the U.S. purchased $22.6 billion worth of U.S. existing homes, a 3.4% decline from the previous year and representing 54% of the dollar volume of purchases.
Foreign buyers who lived abroad purchased $19.4 billion worth of existing homes, down 35% from the 12 months prior and accounting for 46% of the dollar volume.
International buyers accounted for 2% of the $2.1 trillion in total U.S. existing-home sales during that period.
Photo: Dane Deaner