Share
Bloomberg
International purchases of US homes hit a record low as foreign buyers balked at the dollar's strength and a dearth of available properties. Non-US citizens bought 54,300 previously owned homes in the country in the 12 months through March, a 36% decline from the same period a year before, the National Association of Realtors® reported.
The tally was the smallest since the group began recording foreigners' home purchases in 2009. "The strong US dollar makes international travel cheaper for Americans but makes US homes much more expensive for foreigners," Lawrence Yun, NAR's chief economist, said in the report. "It's not surprising to see a pullback."
International buyers paid a median of $475,000 for US homes purchased in the 12 months through March, a record high in NAR's data.