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or the 16th consecutive year, Florida topped the list as the most popular destination for foreign buyers of U.S. homes. According to a recent report from the National Association of Realtors (NAR), international buyers spent $42 billion on existing U.S. homes between April 2023 and March 2024, a decline of 21.2% compared to the previous year.

    The NAR's report attributed this drop to the strong U.S. dollar, which makes travel cheaper for Americans but increases the cost of U.S. homes for foreign buyers. "It's no surprise to see foreign buyers pulling back from U.S. home sales," said Lawrence Yun, NAR Chief Economist.

    Foreign buyers who lived in the U.S. purchased $22.6 billion worth of homes, a 3.4% decrease from the previous year, accounting for 54% of total international purchases. Meanwhile, foreign buyers residing abroad spent $19.4 billion on homes, a 35% decline, making up 46% of the dollar volume.

    Both American and foreign buyers faced challenges due to low housing inventory and rising prices. The average home price among international buyers reached $780,300, with Chinese buyers having the highest average purchase price at $1.3 million. Canada led the list of countries with the most foreign buyers, accounting for 13% of purchases.

    Florida remained the top destination for foreign buyers, making up 20% of all international purchases. Cash transactions were prevalent among international buyers, with half of all sales being all-cash compared to 28% for all homebuyers. Non-resident foreign buyers were even more likely to pay in cash (68%) compared to resident foreign buyers (36%).