US homes find fewer foreign buyers as rising costs, strong dollar leave market in slump

FILE - For sale by owner sign is displayed in Northbrook, Ill., Wednesday, Sept. 21, 2022. Sales of U.S. homes to foreign nationals have fallen to the lowest level in more than a decade, hampered by a strong dollar and many of the affordability hurdles that have kept the housing market in a deep sales slump for over two years.

That's the fewest homes sold to foreign nationals in data going back to 2009. Sales were down about 36% compared to the same period a year earlier.Those transactions from April 2023 through March of this year totaled $42 billion, a 21.2% decline from the prior-year period, NAR said. The average rate has mostly hovered around 7%, limiting home shoppers' purchasing power. At the same time, the supply of homes for sale, though rising in recent months, remains close to historic lows. That's kept the market competitive enough to lift home prices to new highs.

All-cash sales accounted for half the international buyer transactions, compared to just 28% of all existing-home buyers, NAR said.

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