Overview

• Foreign spending on U.S. homes climbed 33 percent year over year to $56 billion from April 2024 to March 2025, marking the first annual increase since 2017
• Chinese nationals led all foreign buyers by acquiring 11,700 properties—a surge of 83 percent—and spending an average of $1,168,800 per home
• International investors purchased 78,100 U.S. properties, a 44 percent rise, with California (36 percent), Florida (21 percent) and New York (7 percent) topping their preferred markets
• Nearly half of foreign buyers paid in full cash, compared with 28 percent of domestic purchasers, driving demand for higher-end homes
• Domestic affordability pressures from mortgage rates above 6 percent and record-high prices have sidelined many American buyers and enhanced overseas investors’ market share