U.S. homes find fewer foreign buyers as rising costs, strong dollar leave market in record slump

Sales of U.S. homes to foreign nationals have fallen to the lowest level in more than a decade, hampered by a strong dollar and many of the affordability hurdles that have kept the housing market in a deep sales slump for over two years. Some 54,300 previously occupied U.S. homes were purchased by non-U.S. citizens in the 12 months ended in March, according to a report this week by the National Association of Realtors. That’s the fewest homes sold to foreign nationals in data going back to 2009. “International buyers face the same difficult market challenges as domestic buyers — lack of inventory, higher mortgage rates, the affordability condition,” said Lawrence Yun, NAR’s chief economist.