Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, caused a stunning drop in foreign demand for American homes.
The dollar volume of homes purchased by foreign buyers from April 2018 through March 2019 dropped 36% from the previous year, according to the National Association of Realtors.
— CNBC
NAR’s Profile of International Transactions in U.S. Residential Real Estate 2019 survey reports that "for the seventh consecutive year, China exceeded all other countries in terms of dollar volume of purchases, buying an estimated $13.4 billion worth of residential property, a 56% decline from the previous 12 months. The Chinese economy is growing at a slower pace compared to past years, slowing to 6.3% in 2019 compared to 6.9% in 2017. The Chinese government has also tightened the monitoring of dollar outflows since 2016 to manage its foreign exchange reserves."
The top 5 destinations of foreign home purchases were Florida (20%), California (12%), Texas (10%), Arizona (5%), and New Jersey (4%).
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