Loosening pandemic restrictions were expected to prompt an influx of foreign buyers in the housing market, but other factors are keeping international purchasers away.
Foreign buyers bought $53.3 billion of existing homes in the United States between April 2022 and March 2023, according to a report from the National Association of Realtors. The volume represents a year-over-year decrease of 9.6 percent.
Spending wasn’t the only thing trending down from last year — the number of purchases also dropped. There were 84,600 homes bought by foreign buyers over the same period, down 14.2 percent from the previous year. It was the fewest number of homes bought by foreign buyers since NAR started tracking the metric in 2009.
However, the 23 percent decline posted by U.S. existing-home sales in the same period outpaced the decrease among foreign buyers, as noted by the Wall Street Journal.
Loading…
Source:
ENB
Sandstone Group
