These sales declined from the early years of the first Trump administration into the Covid-19 pandemic, as a strong dollar and a sluggish economic recovery in other parts of the world subdued demand. In recent years, elevated mortgage rates and home prices have kept many US citizens on the sidelines of the American housing market. While that’s contributed to the worst selling season in more than a decade, it’s also created less competition for foreigners, who often buy in cash and aren’t always attached to specific locations. Although sales to foreigners account for only 2.5% of the existing U.S. real-estate market, the increased demand isn’t helping a once-in-a-generation affordability crisis that’s shutting out many Americans.