The sales dollar volume of international home purchases in Texas totaled $18.66 billion from April 2016 to March 2017, according to the Texas International Homebuyers Report released today by the Texas Association of REALTORS®. Sales dollar volume from foreign homebuyers nearly doubled compared to the previous period of April 2015 to March 2016.
Texas ranked second in the nation for international home sales volume, with 34,135 home purchases by foreign buyers (a 59% increase over the previous period). Texas accounted for 12% of the 284,455 international home sales nationwide.
“This surge in international home sales activity underscores the growing reputation Texas has as a global destination for owning a home or investment property,” says Vicki Fullerton, chairman of the Texas Association of REALTORS®. “The state’s low unemployment, diverse industry base, and world-class higher education institutions are just some of the reasons why international residents seek to attend college, raise a family, or do business in Texas.”
Texas was second only to Florida for international home sales, joining California, New Jersey, and Arizona as the nation’s most popular destinations for foreign buyers.
The ratio of Texas homebuyers from Latin America compared to the rest of the world continues to narrow, with Latin America (including Mexico) and Asia/Oceania (including China and India) each accounting for about 40% of international homebuying activity in Texas from April 2016 to March 2017. Nearly half (43%) of Mexican buyers who purchased a home in the U.S. during this time period did so in Texas. Of all U.S. homebuyers from China, 11% purchased in Texas.
“As our state’s population continues to grow and diversify, it’s increasingly important for our real estate industry practitioners to be knowledgeable about the unique needs and challenges facing international homebuyers,” Fullerton says. “Whether you’re an international buyer seeking to purchase a home in Texas or a Texan seeking to purchase a home abroad, a Texas REALTOR® with a Certified International Property Specialist (CIPS) designation can provide the expert knowledge, network, and tools needed for a successful transaction.”