U.S. Home Sales to Foreign Buyers Drop by Almost 10 Percent

International purchases of homes on the U.S. housing market slowed in the last year.

1 minute read

August 2, 2023, 10:00 AM PDT

By Diana Ionescu @aworkoffiction


White house with For Sale and SOLD sign

Sundry Photography / House for sale

A report from the National Association of Realtors reveals a 9.6 percent drop in foreign investment in the U.S. housing market between April 2022 and March 2023, while sale prices remain high. “Foreign buyers who lived abroad purchased $29.9 billion worth of existing homes, up 20% from the 12 months prior and accounting for 56% of the dollar volume.”

“The 84,600 existing homes sold – the lowest since NAR began tracking in 2009 – retreated 14.2% from the prior year.” Meanwhile, sale prices were the highest ever recorded. “Half of foreign buyers purchased their property for use as a vacation home, rental property, or both – up from 44% the previous year.”

According to NAR Chief Economist Lawrence Yun, “recovering international travel following the end of the pandemic will bring more foreign transactions in coming months and years.”

The report adds, “China and Canada remained first and second in U.S. residential sales dollar volume at $13.6 billion and $6.6 billion, respectively, continuing a trend going back to 2013. Mexico ($4.2 billion), India ($3.4 billion) and Colombia ($0.9 billion) rounded out the top five.”

Tuesday, August 1, 2023 in National Association Of Realtors

Satalite image of a bright green lake surrounded by brownish-green land

California’s Largest Natural Lake Turns Green With … Algae

A potentially toxic algal bloom has turned Clear Lake in Northern California bright green, fed by increased runoff from human activity.

June 4, 2024 - Los Angeles Times

Three colorful, large beachfront homes, one khaki, one blue, and one yellow, with a small dune in front and flat sand in foreground.

Florida Homeowners 'Nope Out' of Beach Restoration Over Public Access

The U.S. Corps of Engineers and Redington Shores, Florida are at a standstill: The Corps won’t spend public money to restore private beaches, and homeowners are refusing to grant public access to the beaches behind their home in return for federal assistance.

June 7, 2024 - Grist

Multistory apartment building under construction.

New Tennessee Law Allows No-Cost Incentives for Affordable Housing

Local governments in the Volunteer State can now offer developers incentives like increased density, lower parking requirements, and priority permitting for affordable housing projects.

June 10, 2024 - Nooga Today

Gravel walkway along lake at Earvin Magic Johnson Park in Los Angeles County.

‘Parks After Dark’ Helps LA County Communities Thrive

Los Angeles County's popular Parks After Dark program continues to serve communities in need and offer multiple important benefits, as documented in a recent UCLA study.

45 minutes ago - UCLA Newsroom

Delivery drone holding a brown paper wrapped box hoveringin air with city in background.

Utah Establishes Air Mobility Framework

The program outlines a statewide approach to delivery drones and other air transportation options.

1 hour ago - PR Newswire

Amtrak train at Union Station with Chicago skyline in background.

St. Paul-to-Chicago Borealis Rail Line Launches

The Amtrak service, 12 years in the making, doubles the number of available trips on the corridor.

2 hours ago - Route Fifty

Urban Design for Planners 1: Software Tools

This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.

Planning for Universal Design

Learn the tools for implementing Universal Design in planning regulations.