• Foreign investment in U.S. housing surged by more than 30% over the past year, with China and Canada leading the charge. A National Association of Realtors report shows foreign buyers purchased 78,100 homes worth $56 billion, signaling revived global interest in American real estate amid high prices and limited domestic affordability.

WASHINGTON, DC (TDR) — Foreign homebuyers are back in the U.S. housing market—and congressional Republicans are starting to take notice.

A new report from the National Association of Realtors shows foreign investors purchased $56 billion worth of U.S. residential property between April 2024 and March 2025—a 33% jump from the previous year. That figure includes 78,100 properties, a 44% year-over-year increase and the first uptick in foreign homebuying activity since 2017.

House Republicans eye legislative response

The sharp increase, especially from Chinese nationals who accounted for 15% of all foreign transactions, is already fueling policy chatter inside House GOP leadership.

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A senior aide to House Financial Services Chair Patrick McHenry (R-N.C.) told The Dupree Report the committee is “reviewing the data closely and evaluating possible jurisdictional responses,” particularly in light of national security concerns and foreign ownership of land near sensitive military sites.

“There’s a growing bipartisan appetite to tighten restrictions on foreign acquisitions—especially when it comes to residential real estate near critical infrastructure,” the aide said.

Florida leads, again

Florida accounted for 21% of all foreign-bought homes, maintaining its top spot for the 15th straight year. Speaker Mike Johnson’s office has been in touch with Florida members over whether states should have more leeway to regulate foreign property purchases independently.

California, Texas, New York, and Arizona rounded out the top five states for international buyers.

Trump allies call for limits

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Allies of President Trump in the House Freedom Caucus are already drafting language for possible inclusion in a broader property rights or housing package later this year. Rep. Chip Roy (R-Texas) has privately floated a bill that would ban purchases by buyers from foreign adversaries unless pre-cleared by Treasury’s Committee on Foreign Investment in the United States (CFIUS).

“You can’t say America First and sell out your neighborhoods to the CCP,” one GOP strategist aligned with Trump said bluntly.

Strategic implications in an election year

The politics are tricky. While the report notes that 47% of foreign buyers paid cash, making them attractive to sellers, the optics of rising foreign ownership amid a national housing affordability crisis are fraught.

NAR’s Chief Economist Lawrence Yun said the return of foreign interest follows “a global economic rebound from years of pandemic disruption,” but warned that high home prices and mortgage rates continue to weigh on total demand.

Still, Yun said buyers are drawn to U.S. property in part due to “strong protections for private property rights”—a point House Judiciary Republicans have cited as a reason not to federalize restrictions, despite pressure from populist factions.

“It’s a balancing act between national security and property rights,” said a Judiciary staffer. “This issue is heating up fast.”

What’s next

Expect closed-door discussions between House Financial Services, Judiciary, and Homeland Security staff over the August recess. A legislative framework could emerge by September, insiders say, especially if foreign housing ownership becomes a visible campaign issue.

Is Capitol Hill ready to confront the foreign land-buying boom—or will it remain a state-by-state scramble?

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