International purchases of homes on the U.S. housing market slowed in the last year.
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.”
FULL STORY: Annual Foreign Investment in U.S. Existing-Home Sales Declined 9.6% to $53.3 Billion
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