Houses for sale at a real estate summit & trade fair in Beijing, China.
Zhang Peng | LightRocket | Getty Images
U.S. homebuyers went on a buying spree during much of the coronavirus pandemic‘s first year. International buyers did just the opposite, though.
Even with virtual options in place for property tours, sales of U.S. homes to foreign buyers fell by 31% from April 2020 to March 2021, according to the National Association of Realtors.
International buyers purchased 107,000 properties, marking the lowest unit volume and lowest dollar volume since 2011.
“The big decline in foreign purchases of homes in the U.S. in the past year is no surprise, given the pandemic-induced lockdowns and international travel restrictions,” Lawrence Yun, NAR’s chief economist, said in a release. “Yet, even with the absence of foreign buyers, the U.S. housing market strengthened solidly.”