US homes bought by international buyers fall to 15-year low

By Ovunc Kutlu

ISTANBUL (AA) - Existing homes purchased by international buyers in the US declined to the lowest level in 15 years, according to a report released Thursday by the National Association of Realtors (NAR).

International buyers acquired $42 billion worth of residential properties in the US from April 2023 through March 2024, marking a 21.2% decrease from the previous year, the report noted.

The total number of existing homes sold, 54,300 units, saw a 36% drop from the prior year, marking the lowest level since NAR began tracking in 2009.

The average and median purchase prices for foreign buyers were recorded as $780,300 and $475,000 respectively, both the highest figures ever recorded by NAR.

"The strong U.S. dollar makes international travel cheaper for Americans but makes U.S. homes much more expensive for foreigners," NAR Chief Economist Lawrence Yun stated in the report. "Therefore, it's not surprising to see a pullback in U.S. home sales from foreign buyers."

Canada led all countries of origin in the share of foreign buyer purchases of US existing homes at 13%, followed by China and Mexico, each at 11%, and India at 10%.

China led in US residential sales by dollar volume with $7.5 billion, continuing a trend since 2013, according to the report. Canada followed with $5.9 billion, India with $4.1 billion, and Mexico with $2.8 billion.

"Florida remained the top destination for foreign buyers for the 16th consecutive year, accounting for 20% of all international purchases," the report stated.

Texas and California followed with 13% and 11% respectively, while Arizona accounted for 5%. Georgia, New Jersey, New York, and North Carolina each represented 4% of foreign purchases.