Source: Fortune
Summary
Foreign buyers purchased $45.3 billion worth of U.S. existing homes between April 2025 and March 2026, a 19.1% plunge in dollar volume and the second-lowest transaction count since 2009. The National Association of Realtors (NAR) reported that international buyers purchased 67,100 U.S. properties, down 14% from the previous year. The median purchase price was $465,000, with Canada, China, and Florida being the top destinations. However, New York, a traditional top destination, has fallen out of the top five, replaced by New Jersey and Georgia.
Our Reading
The numbers tell one story. Foreign buyers are pulling back from the U.S. real estate market, despite a weaker dollar that should have made American properties more attractive. The NAR’s data shows that international buyers are hesitant due to policy uncertainty and a “wait and see approach.” Meanwhile, American buyers are increasingly looking outside the U.S. for investment opportunities, with Mexico and Portugal being top destinations. The shift is attributed to diversification and a desire for “optionality” rather than outright flight. However, the direction of travel is unmistakable: not America.
Christopherson noted that the wider drop-off defies the simple currency logic that normally governs foreign buying behavior. Patterson framed the shift as diversification rather than flight. Katz warned that the dollar “isn’t going to be the reserve currency forever, and it might end sooner than later.”
The announcement sounds familiar, as the ultrawealthy are rapidly falling out of love with the U.S. as an investment destination. The strategy enters a familiar phase, as foreign buyers are hesitant to invest in the U.S. due to policy uncertainty.
The numbers tell one story, but the situation is more complex. The U.S. is no longer the top destination for foreign buyers, and American buyers are looking elsewhere for investment opportunities.
