Foreign Home Purchases in US Plunge 76% from 2017 Peak

Foreign purchases of US homes have collapsed by 76% from the 2017 peak, according to the National Association of Realtors' annual report. In the 12 months through March, foreign buyers—both nonresidents and residents—purchased only 67,100 homes, down from 284,500 in the peak year. This marks the lowest level since the report began in 2009. Purchases by foreign residents fell 77% to 37,600, while overseas buyers dropped 75% to 29,500. Canadian buyers led with 10,700 purchases, down 84% from their 2010 peak and 46% from 2019, spending an average of $486,000. Mexican buyers purchased 9,400 homes, down 69% from 2010 and from 15,900 in 2019, averaging $532,000. Chinese, Hong Kong, and Taiwanese buyers acquired 7,400 homes, down 82% from 2017's 40,600, but spent an average of $1.03 million, totaling $7.6 billion—the highest dollar volume. Indian buyers bought 6,000 homes, down 65% from 2015, averaging $617,000. UK buyers purchased 2,700 homes, down 90% from 2010, averaging $444,000. Florida remained the top state with 20% of foreign purchases, followed by California (19%) and Texas (12%). The report does not track foreign owners selling, but anecdotal evidence suggests Canadians may be net sellers. Major brokerages like Compass and Berkshire Hathaway HomeServices continue to market US homes in China, though activity has slowed since the 2017-2018 peak.