Foreign Buyers Spend Billions Less on U.S. Homes

Foreign buyers significantly reduced their activity in the U.S. housing market, purchasing fewer homes and spending billions less compared to the previous year. Between April 2025 and March 2026, international buyers completed 67,100 existing home transactions nationwide, a 14% decrease year-over-year. This figure represents the second-lowest transaction volume recorded since 2009, according to the National Association of Realtors® 2025 International Transactions in U.S. Residential Real Estate report. The total investment by this group in U.S. homes amounted to $45.3 billion, a 19% decline, or $11 billion less, than the preceding 12-month period. Despite the overall decrease in sales, international buyers continued to pay a premium for U.S. properties, with a median purchase price of $465,000, which is higher than the national median of $413,600 for the same period. The definition of an "international" or "foreign" buyer in this report includes both foreign nationals residing abroad and non-U.S. citizens who have been living in the U.S. for less than two years at the time of purchase, as well as visa holders. NAR Chief Economist Lawrence Yun attributed the decline in foreign home buyer activity to a broader decrease in international visitors and tourists to the United States. He noted that even a slightly weaker U.S. dollar over the past year, which typically enhances purchasing power for foreign investors, did not stimulate increased activity. This trend aligns with recent U.S. Census Bureau data indicating a modest increase in the U.S. population through international immigration, with only 1.26 million residents added from July 2024 to July 2025, a period that encompassed the initial six months of President Donald Trump's second term. Canada emerged as the leading country of origin for foreign buyers, accounting for 16% of all international transactions. Mexico followed closely with 14% of transactions, while China, which held the top position in the previous year, dropped to third place with 11%. India represented 9% of foreign buyers, and the United Kingdom accounted for 4%. The pullback by foreign buyers is occurring amidst a challenging U.S. housing market characterized by high prices and limited inventory, which collectively dampen overall demand. The decrease in international investment could have implications for various segments of the real estate market, particularly in areas that have historically seen significant foreign buyer interest. The National Association of Realtors® is a trade association for real estate professionals in the United States, representing brokers, salespeople, property managers, appraisers, and other professionals in the real estate industry. The U.S. Census Bureau is a principal agency of the United States federal statistical system, responsible for producing data about the American people and economy.