Foreign Buyers Spent $20 Billion Less on U.S. Real Estate
Travel restrictions associated with the coronavirus kept many foreign would-be buyers out of the U.S. last year - and that kept billions of their dollars out of the housing market. Home purchases by international buyers and recent immigrants plummeted 33% from the previous year, according to a recent National Association of Realtors® report.
International purchasers spent roughly $54.4 billion on U.S. real estate -down considerably from about $74 billion a year earlier. But that doesn’t appear to have hurt the housing market overall.