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Fortune
Fortune
Nick Lichtenberg

Foreign buyers seem to be following Zohran Mamdani's cue — and fleeing American real estate

(Credit: Anna Connors/The New York Times/Bloomberg via Getty Images)

Foreign buyers purchased just $45.3 billion worth of U.S. existing homes between April 2025 and March 2026, a 19.1% plunge in dollar volume and the second-lowest transaction count since the National Association of Realtors began tracking the data in 2009.

The pullback comes even as a weaker U.S. dollar should have made American real estate more attractive to overseas buyers — a contradiction that mirrors what wealth advisors and immigration specialists have been describing anecdotally for months: a historic reversal in which the ultrawealthy are rapidly falling out of love with the U.S. as an investment destination.

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