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Foreign Homebuying Falls to 3-Year Low as U.S. Dollar Gains

  • Sales to non-resident foreigners fall to $44 billion
  • Canada was No. 1 source of buyers from outside the country
Updated on

The amount of money that foreign homebuyers spent on U.S. real estate fell to a three-year low as the strengthening dollar and rising property prices cut into affordability.

Sales to non-resident foreigners in the 12 months through March fell to $44 billion from $54 billion a year earlier, according to a survey released Wednesday by the National Association of Realtors. It was the lowest total for foreign buying since the year ended March 2013, when $35 billion was spent. While Canada was the No. 1 source of non-resident foreign homebuyers, China led for the fourth year in a row when recent immigrants are included in the tally.