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.