Foreigners are buying fewer American homes, according to a report from the National Association of Realtors last week.
The number of residential properties purchased by international buyers plunged 31% in the 12-month period between April 2020 and March 2021, the data showed. The total value was $54.4 billion for 107,000 residences, a 27% year-over-year drop.
While the drop can in part be explained by the restrictions imposed due to COVID-19, the NAR noted that it was the fourth successive year in which foreign home purchases declined.
Indeed, both the dollar and sales volume were at their lowest level since 2011, when foreigners spent just $66.4 billion on 210,800 homes in the U.S., NAR Chief Economist Lawrence Yun explained.
“The big decline in foreign purchases of homes in the U.S. in the past year is no surprise, given the pandemic-induced lockdowns and international travel restrictions,” Yun said.
The COVID-19 pandemic initially…