Some point to President Donald Trump's tough talk on immigration and tariffs as a factor, along with a strong dollar, slower economic growth abroad, political upheavel in Latin America and bickering over Brexit in Britain.

The flow of foreign homebuyers purchasing U.S. properties has plummeted over the past two years, a downturn that might help explain why the lackluster performance of Florida's housing market hasn't mirrored the booming economy.

After hitting a record $153 billion for the period from April 2016 to March 2017, total sales of U.S. homes to international buyers fell to $121 billion for the year ending in March 2018, then to $77.9 billion for the year ending in March 2019, the National Association of Realtors said in a report this week.

Related: Palm Beach County home prices hit post-crash high

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“The magnitude of the decline is quite striking, implying less confidence in owning a property in the U.S.,” NAR Chief Economist Lawrence Yun said in a statement.

Florida remains the favorite destination of foreign buyers, accounting for 20 percent of the estimated 183,100 international transactions nationwide over the past year. California, in second place, drew 12 percent of foreign buyers.

Latin America provides the biggest chunk of Florida's foreign buyers, but shoppers come from all over the globe, with Canadians, Brits, Germans and Indians also flocking to Florida's housing market.

NAR blames the downturn on slowing economic growth abroad and a decline in the value of international currencies compared to the dollar.

"It takes a lot more pounds to buy an American property than it did a few years ago," said John Mike, an agent at RE/MAX Prestige Realty in Royal Palm Beach who often works with British buyers.

The strong dollar means buyers from Britain and Europe increasingly are shopping for vacation homes in Spain and the Bahamas rather than Florida, Mike said. Those places offer warm weather and, at least for now, more favorable exchange rates and more enticing bargains.

President Donald Trump's tough talk on immigration and tariffs is another factor hampering demand, Mike said. While Canadians, Brits and Germans aren't necessarily the target of stricter enforcement, Mike argued that the immigration crackdown is affecting even on buyers from those countries.

"A lot of overseas people don’t feel welcome here," he said.

Related: Non-criminal immigrants increasingly caught in deportation dragnet

Because there's no central cash register ringing up sales to foreign buyers, NAR's numbers are based on a survey of 11,812 Realtors.

The decline in foreign buyers could explain why the tepid growth in Florida home prices and sales haven't kept pace with the rest of the economy. Nearly every economic indicator supports strong demand for homes: The state's unemployment rate was just 3.4 percent in May, population growth and job creation are robust, mortgage rates remain below 4 percent, stocks are near record levels and rents are rising.

Yet statewide home sales have increased only slightly. Florida Realtors reported 391,792 sales of houses and condos for the year ending in March 2019, up 2 percent from 383,277 for the previous 12-month period, said Chief Economist Brad O'Connor. The median home price statewide also edged up 2 percent from March 2018 to March 2019.

According to NAR's surveys, the number of Florida transactions involving foreign buyers fell to about 36,000 in the year ending in March 2019, down from more than 50,000 the previous year, and more than 60,000 in the year ending March 2017.

Housing economists have noted a disconnect between brisk economic tailwinds and less-than-stellar home sales nationally. They blame an affordability squeeze and a lack of new construction. In one sign of strength locally, the median price of Palm Beach County houses sold by Realtors jumped to $364,900 in May, a post-crash high.

Inflows of international buyers are affected by a variety of factors, including the strength of the dollar and political upheaval in Latin America and Europe. Political crisis in Venezuela and bickering over Britain's exit from the European Union have created uncertainty in two nations that long have been reliable sources of demand for Florida real estate.

Despite all the turmoil, Florida remains attractive, Yun said.

"Many Canadians and other foreigners found Florida so enticing because of its lenient tax laws," Yun said. "Additionally, many Florida metro areas have an inventory of cheaper properties, relatively speaking -- a combination which makes the state a very popular destination."

jostrowski@pbpost.com

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