Decline in Foreign Buyers Hits U.S. Housing Market to Record Low

International buyers are pulling back from the U.S. housing market due to high mortgage rates, soaring home prices, limited supply, and a strong dollar. From April 2020 to March 2021, international purchases of homes dropped by 14%, reaching the lowest number since 2009. However, the median price of homes purchased by foreign buyers reached a record high of $396,400. China, Mexico, Canada, India, and Colombia were the top five countries of origin for international buyers. Chinese buyers, in particular, saw a significant increase in purchases, with many aiming to become American residents and citizens. While foreign sales dropped overall, they still remain a small percentage of all buyers.