Sales of U.S. homes to foreign buyers have hit a 14-year low, with 54,300 homes sold to non-U.S. citizens in the 12 months ending in March 2024, down 36% from the previous year. The total value of these transactions was $42 billion, a 21.2% decrease from the prior year. The decline is attributed to a strong U.S. dollar and ongoing challenges in the housing market, including high mortgage rates and limited inventory.
Lawrence Yun, chief economist at the National Association of Realtors (NAR), noted that international buyers face the same market challenges as domestic buyers, such as a lack of inventory, higher mortgage rates, and affordability issues. The strong U.S. dollar also makes U.S. homes more expensive for foreign buyers.
Chinese buyers, in particular, face low capital availability issues due to the internal real estate downturn, affecting some areas and cities in particular, such as San Francisco and Miami.
Full article: Foreign real estate investors in the US
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