Foreigners are buying fewer U.S. properties

Key Points:

• Foreign buyers of U.S. existing homes declined sharply from April 2025 to March 2026, with a 14% drop in unit sales and a 19% decrease in dollar volume, reaching the second-lowest level since 2009, per the National Association of Realtors (NAR).
• The decline in foreign home purchases correlates with reduced international visitors and tourists to the U.S., despite a slightly weaker dollar that could have increased purchasing power for foreigners.
• Although overall new home sales to international buyers have decreased, the luxury segment remains strong, especially in Southern California's Irvine, where affluent foreign buyers, particularly from China, continue purchasing luxury homes, often with cash.
• Luxury homebuilder Toll Brothers leads in attracting foreign buyers by marketing internationally and customizing homes for specific buyer groups, who vary widely from wealthy investors to skilled professionals relocating for work.
• The largest drop in foreign buyers is among highly skilled workers on employment-based visas due to immigration policy uncertainties; meanwhile, Canadians represent the largest share of foreign home purchases, with Chinese buyers spending the most on luxury properties, especially in California, and Florida remains the top state for foreign buyers.