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Foreign buyers are taking a step back from the US residential property market, pushing purchases down by $10B this year.
Foreign investors bought $44B worth of residential real estate last fiscal year—the lowest level of investment in US residential real estate since 2013, The Real Deal reports. They are also spending less per home, the average price of homes bought by foreign investors dropped from $500k to $480k.
But it’s not all bad news—home purchases by immigrants increased and analysts speculate that given the UK’s vote to leave the EU, investors who may have originally chosen to park their cash in London will now, given British market instability, throw that cash into NYC instead. [TRD]
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