Foreign purchases of U.S. residential real estate fell 36% to the lowest annual rate since 2013, as slowing overseas economies, the strong dollar and the White House’s anti-immigrant rhetoric put a chill on demand.
Foreign buyers spent $77.9 billion on homes in the U.S. during the 12 months ended March 31, down from $121 billion during the same period a year earlier, according to the National Association of Realtors’ annual survey on international transactions. The data include foreigners who reside outside the U.S. and those who are recent immigrants or temporary visa holders. Non-resident buyers spent $33.2 billion while new arrivals bought $44.7 billion. Foreign buyer purchases peaked in the period ended March 31, 2017, at $153 billion.