Oscar Francisco Monzón Luna, a 41-year-old senior operations manager, got the call he was hoping for last fall. His employer, Callaway Golf, said he had landed a promotion after four years of being posted in Texas and could return to his native Mexico.

But then came a big question: What would happen to the house he bought after he moved for the job? Speaking from his home in Monterrey, a Mexican city close to the U.S. border, Luna said he faces several financial obligations and concerns regarding his Texas residence.

He bought a 2,210-square-foot house with four bedrooms and three bathrooms in the Dallas-Fort Worth area for $409,000 in 2022. He’s giving himself two years to decide whether to say goodbye to it for good.

“I can use that money to invest in something else,” Luna said. “Taxes are so high, I don’t think that’s good business.”

Other foreign-born buyers and those shopping around say uncertainty surrounding currency changes in their homeland, home prices in the United States, and property taxes — in other words, money — drove many out and are continuing to keep many at bay. For some hoping to stay for good, controversial immigration policies have also been a deterrent.

The country has continued to see a steady drop in the total number of foreign-born homebuyers in recent years.

The country's largest feeder markets — Canada, China, and Mexico — have been thinning, according to data the National Association of Realtors curated for Homes.com. NAR provided its data based on an annual survey it administered in April 2024. The NAR sent its national survey to 150,000 real estate agents and 17,000 completed the questionnaire.

The NAR data shows a plummet in foreign-born buyers from Canada, from 44,194 in 2014 to 7,059 in 2024, an 84% drop. The same goes for China and Mexico: Demand from these countries fell between 71% and 84%. China went from 37,216 buyers in 2014 to 5,973 in 2024, while Mexico's declined from 20,934 to 5,973.

“It looks to me, when all three of these foreign international groups were very active in buying U.S. real estate, it was a bargain,” said Jack McCabe, owner of the Deerfield Beach, Florida-based real estate and economic research firm McCabe Research & Consulting. “They don’t see it as a bargain anymore.”

That’s exactly right, said Matthew Christopherson, director of business and consumer research for the NAR. The decline in foreign-born purchases can be pinned on three underlying issues: tight supply, high prices and a strong dollar.

Foreign-born buyer deals overall totaled 54,300 in 2024, down from 84,600 in 2023 and 98,600 in 2022.

At risk with the decline in foreign buyers? Billions for the U.S. economy, according to data from the NAR. Residential deals from foreign-born buyers amounted to $42 billion last year, including $5.9 billion from Canada, $7.5 billion from China, and $2.8 billion from Mexico.

Foreign shoppers each have their state preference, but Canadians, Chinese and Mexicans tend to gravitate toward California, Florida and Texas. Canadians head for the warm weather, the Chinese for proximity to top-tier public schools and universities, and Mexicans for the financial security and gradual growth in residential values.

Domestic buyers in these states may see a benefit to the slowdown in international demand, said McCabe. “It should mean increased inventory and less competition for homes and condos for sale. That’s the upside.

"That’s the only upside I can think of.”

Only one state is expected to remain unscathed amid the decline in foreign buyers: Florida, the number one go-to spot for such purchases.

Isabella Holguin, director of sales for St. Regis Residences, Sunny Isles Beach, still sees buyers from Canada and Mexico. She just closed two deals with Canadian condo hunters a few weeks ago for the 62-story twin towers at 18800 Collins Ave. In fact, of the 12 deals she’s closed since the start of this year, only one has been by a U.S. resident. Everyone else came from Argentina, Chile, Mexico, Russia and, of course, some were snowbirds from Canada.

Her clients drop big bucks for a slice of South Florida living. She sold 95% of the condos under construction at the 320-unit project in Miami-Dade County’s oceanfront neighborhood dubbed "Little Moscow" for all its Eastern European homebuyers. The north tower will go vertical by November, with the south tower following next spring. Prices for remaining residences start at $5 million for a 1,848-square-foot condo with five bedrooms, three bathrooms, and a powder room.

“It’s Miami,” Holguin said. “Miami became a second or third home after COVID. You have many more people purchasing here.”

California is unlikely to be as lucky as Florida, according to Spencer Hoo, a real estate agent with Epique Realty. He said the number of leads or calls from Chinese buyers continues to decline for those inquiring about buying in Irvine, Newport Beach, Arcadia or Bradbury. He used to have six to eight leads per month for residential purchases, Hoo said, and that’s now down slightly to four or five.

He said immigration policy remains a big concern for his clients.

“Trump has a very negative perspective on immigration. That has a big effect, because a lot of those that come over want to do some long-term visa situation,” Hoo said, adding the visa classes will likely be difficult to arrange with the new immigration policies.

Texas, said Brenda Taylor, a real estate agent with ReMax Dallas Suburbs, will likely face the same fate as California. She expects to see a continued decline in foreign buyers. While politics factors into foreign buyers' decisions, money is the biggest driver. That's why Texas attracts many foreign buyers. Compare it to Florida and California, Texas is more affordable. Still, if a foreign buyer comes in with a weaker currency than homebuying prospects sour.

“It’s more about the strong dollar,” Taylor said. “Money is the bottom line for any investment.”