The number of international homebuyers declined sharply throughout the United States in the past year amidst the global COVID-19 pandemic, according to the National Association of Realtors’ 2021 Profile of International Transactions in U.S. Real Estate.

International buyers purchased 107,000 residential properties from April 2020 through March 2021, marking a 31% decline from the 154,000 residences bought the previous year. The dollar value of homes purchased by international buyers declined to $54.4 billion, dropping 27% from $74 billion the previous year. In all, international buyers accounted for 2.8% of the $5.8 trillion spent on homes during the pandemic.

The median price of homes purchased by international buyers was $351,800, or 15% more than the $305,000 median price of all existing homes sold in the U.S. during the same time frame.

Both the number of homes sold to international buyers and their value hit their lowest point since 2011, when international buyers picked up 210,800 homes valued at a total of $66.4 billion.

“The big decline in foreign purchases of homes in the U.S. in the past year is no surprise, given the pandemic-induced lockdowns and international travel restrictions,” NAR Chief Economist Lawrence Yun said. “Yet, even with the absence of foreign buyers, the U.S. housing market strengthened solidly.”

The NAR categorizes international buyers in two ways: those who live abroad and those who reside in the United States and are either recent immigrants or hold a visa. The value of homes bought by international buyers already living in the U.S. totaled $32.4 billion. The total value of homes bought by those living abroad was $22 billion.

Buyers from China spent the most at $4.5 billion, followed by Canada at $4.2 billion, India at $3.1 billion, Mexico at $2.9 billion and the United Kingdom at $2.7 billion. The United Kingdom was the only nation among the top five to increase spending, jumping from $1.4 billion the previous year to take Colombia’s place on the list. The annual dollar volume spent fell by more than 50% for Mexico, Canada and China.

“As travel restrictions loosen and foreign students return to U.S. colleges in the upcoming year, there is likely to be some growth in foreign buying of U.S. real estate,” Yun said. “High home prices and the ongoing lack of inventory could, however, pose a challenge for buyers.”

Florida was the top destination for 21% of international buyers, followed by California (16%), Texas (9%), Arizona (5%) and New York and New Jersey tied at 4%.

Among all international buyers, 43% purchased a home as their primary residence and 42% bought with the intention of using their property as a vacation home, a rental property or both. Forty-eight percent bought homes in the suburbs, while 28% purchased homes in urban areas, following trends that have been in place for six years. However, the number of international buyers purchasing homes in resort areas fell from 17% to 7%. Detached, single-family homes accounted for 55% of international purchases, followed by townhomes (19%) and condominiums (16%).

The number of international homebuyers declined sharply throughout the United States in the past year amidst the global COVID-19 pandemic, according to the National Association of Realtors’ 2021 Profile of International Transactions in U.S. Real Estate.

International buyers purchased 107,000 residential properties from April 2020 through March 2021, marking a 31% decline from the 154,000 residences bought the previous year. The dollar value of homes purchased by international buyers declined to $54.4 billion, dropping 27% from $74 billion the previous year. In all, international buyers accounted for 2.8% of the $5.8 trillion spent on homes during the pandemic.

The median price of homes purchased by international buyers was $351,800, or 15% more than the $305,000 median price of all existing homes sold in the U.S. during the same time frame.

Both the number of homes sold to international buyers and their value hit their lowest point since 2011, when international buyers picked up 210,800 homes valued at a total of $66.4 billion.

“The big decline in foreign purchases of homes in the U.S. in the past year is no surprise, given the pandemic-induced lockdowns and international travel restrictions,” NAR Chief Economist Lawrence Yun said. “Yet, even with the absence of foreign buyers, the U.S. housing market strengthened solidly.”

The NAR categorizes international buyers in two ways: those who live abroad and those who reside in the United States and are either recent immigrants or hold a visa. The value of homes bought by international buyers already living in the U.S. totaled $32.4 billion. The total value of homes bought by those living abroad was $22 billion.

Buyers from China spent the most at $4.5 billion, followed by Canada at $4.2 billion, India at $3.1 billion, Mexico at $2.9 billion and the United Kingdom at $2.7 billion. The United Kingdom was the only nation among the top five to increase spending, jumping from $1.4 billion the previous year to take Colombia’s place on the list. The annual dollar volume spent fell by more than 50% for Mexico, Canada and China.

“As travel restrictions loosen and foreign students return to U.S. colleges in the upcoming year, there is likely to be some growth in foreign buying of U.S. real estate,” Yun said. “High home prices and the ongoing lack of inventory could, however, pose a challenge for buyers.”

Florida was the top destination for 21% of international buyers, followed by California (16%), Texas (9%), Arizona (5%) and New York and New Jersey tied at 4%.

Among all international buyers, 43% purchased a home as their primary residence and 42% bought with the intention of using their property as a vacation home, a rental property or both. Forty-eight percent bought homes in the suburbs, while 28% purchased homes in urban areas, following trends that have been in place for six years. However, the number of international buyers purchasing homes in resort areas fell from 17% to 7%. Detached, single-family homes accounted for 55% of international purchases, followed by townhomes (19%) and condominiums (16%).