International home purchases in the U.S. fell to near-record lows over the past year. Between April 2023 and March 2024, foreign buyers acquired approximately 67,000 properties. That marks one of the lowest totals ever recorded by the National Association of Realtors.
The decline represents a sharp drop from previous years. High home prices and a limited supply of available properties contributed to the slowdown. A strong U.S. dollar also made American real estate more expensive for overseas buyers.
Despite the overall slump, one country stood out among international purchasers. Buyers from China led all foreign nations in U.S. home buying for the second consecutive year. Chinese buyers acquired the most properties by both volume and dollar value.
Canada ranked second in total number of homes purchased. Mexico and India followed closely behind. Buyers from these nations continued to show interest in U.S. real estate despite broader market challenges.
The average price paid by international buyers rose to roughly $780,000. That figure is significantly higher than the median U.S. home price. Many foreign purchasers targeted properties in warmer states like Florida, Texas, and California.
Florida remained the most popular destination for international buyers. Texas and California also attracted significant foreign investment. These states offer strong job markets and desirable climates for second homes or relocation.
The overall drop in foreign sales reflects broader trends in the housing market. Domestic buyers also faced higher mortgage rates and rising prices. However, foreign buyers faced additional hurdles, including currency exchange rates and stricter financing rules.
