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Here's why international buyers are pulling way back from the U.S. housing market

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Foreign buyers are facing high prices and tight supply in the housing market, and they’re also up against a strong U.S. dollar.

International buyers bought 54,300 existing homes from April 2023 to March 2024 — a 36% drop from the year before, according to the National Association of Realtors.Foreign buyers are facing high prices and tight supply in the housing market, and they're also up against a strong U.S. dollar.and tight supply — but they're also up against a strong U.S. dollar, which makes the properties even more expensive for them. As a result, international buyers are pulling out.

The top buyers by volume were from Canada, China, Mexico and India. Those buyers purchased the most properties in Florida, Texas, California and Arizona. Chinese buyers spent the most money, purchasing higher priced homes, according to the NAR.The report only counts sales of existing homes, and foreign buyers are big in the new development space, which is not reflected in the data.

Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly"We don't have a credit score, we have a weird name, we have a different passport," said Yuval Golan, CEO of Waltz, a new company that aims to facilitate foreign purchases of U.S. residential real estate."Then we need to wire money across two countries, that takes time.

 

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