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International buyers are dropping out of US housing market

  • The dollar volume of U.S. home sales to international buyers between April 2017 to March 2018 dropped 21 percent compared with the previous 12-month period, according to the National Association of Realtors.
  • Buyers from China, Canada, India, Mexico and the United Kingdom accounted for nearly half of the dollar volume of sales to international buyers.
  • Sales to Canadian buyers fell by 45 percent.

After strong interest for several years, international buyers appear to be souring on the U.S. housing market.

The dollar volume of U.S. home sales to international buyers between April 2017 and March 2018 dropped 21 percent compared with the year-ago period, according to the National Association of Realtors.

Of the $121 billion in sales to international buyers, those currently living in the U.S purchased $67.9 billion in properties, while nonresident foreigners purchased $53 billion, both marking a drop from the previous year. Foreign buyers accounted for 8 percent of the $1.6 trillion in existing home sales, a drop from 10 percent the previous year.

While high home prices and inventory shortages are clearly playing some role in the drop. Competition from domestic buyers, whose demand is increasing sharply, may also be a deterrent. And the current political climate in the U.S. also should not be overlooked.

read more at: https://www.cnbc.com/2018/07/26/international-buyers-are-dropping-out-of-us-housing-market.html

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