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International home buyers are backing away from the U.S. housing market amid high home prices and low inventory, according to the National Association of REALTORS®’ new report, 2024 International Transactions in U.S. Residential Real Estate. Foreign buyers purchased 36% fewer homes between April 2023 and March 2024 compared to the prior 12-month period, marking the lowest sales to foreign buyers since NAR first began tracking such data in 2009.
“The strong U.S. dollar makes international travel cheaper for Americans but makes U.S. homes much more expensive for foreigners,” says NAR Chief Economist Lawrence Yun. “Therefore, it’s not surprising to see a pullback in U.S. home sales from foreign buyers.”
International buyers who did purchase a home in the last year spent record amounts, averaging $780,300 per property and a median of $475,000, according to NAR’s report. About 18% of international buyers purchased properties worth more than $1 million, the report shows.
Source: National Association of REALTORS®
“Historically, low housing inventory and escalating prices remain significant factors in constraining home sales for American and international buyers alike,” Yun says. Thirty-six percent of real estate professionals surveyed say the top reason why their international clients decided not to…
