![Foreign Purchases Of U.S. Homes Have Fallen 36% [Infographic]](https://i.headtopics.com/images/2019/8/8/forbes/foreign-demand-for-american-homes-is-evaporating-1159313294370451456.webp)
Foreign demand for American homes is evaporating
who reported that the dollar value of homes purchased by foreigners plummeted 36% between April 2018 and March 2019. During that period, foreign buyers purchased 183,100 properties with an average price of $426,100, totaling $77.9 billion. By comparison, buyers from overseas snapped up 266,800 properties averaging $454,600 each a year earlier, adding up to $121 billion.
Many factors were responsible for the decline including slower economic growth abroad, tighter capital controls in China, a stronger U.S. dollar and a low inventory of homes for sale, implying less confidence in owning a U.S. property. Following historic trends, Florida was the focal point for overseas property investment and the state attracted 20% of foreign buyers from April 2018 to March 2019.
For the seventh consecutive year, buyers from China pumped the most money into the American residential property market with their dollar volume of purchases totaling $13.4 billion. As impressive as that total is, it actually represents a 56% decline on the previous 12-month period when purchases came to $30.4 billion. Buyers from neighboring Canada had the second-highest purchase volume at $8 billion while some $6.9 billion of property was sold to buyers from India.
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