AUSTIN, Texas, Aug. 15, 2017 /PRNewswire/ -- Texas home sales from international buyers added $18.66 billion to the Texas economy from April 2016 to March 2017, according to the Texas International Homebuyers Report released today by the Texas Association of Realtors. Attracting buyers from across the globe, Texas ranked second among U.S. states for international home sales volume.
"This surge in international home sales activity underscores the growing reputation Texas has as a global destination for owning a home or investment property," said 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."
There were 34,135 international home sales in Texas between April 2016 and March 2017, a 59 percent increase from the same time frame last year and 12 percent of the 284,455 international home sales nationwide. Second only to Florida, Texas joined California, New Jersey and Arizona as the most popular states for international homebuyers. The sales dollar volume of $18.66 billion from foreign home sales in Texas during this time frame is almost double from last year's report.
In recent years, the ratio of Texas homebuyers from Latin America (including Mexico) compared to the rest of the world has narrowed. From April 2016 to March 2017, homebuyers from Latin America and Asia/Oceania (including China and India) each constituted approximately 40 percent of international homebuying activity in Texas.
Texas had the highest volume of homebuyers from Mexico of any state from April 2016 to March 2017, with nearly half (43 percent) of Mexican homebuyers who purchased a home in the U.S. choosing Texas. The Lone Star State also experienced a significant share of Chinese buyers, with 11 percent of international homebuyers from China purchasing a home in Texas.
Chairman Fullerton concluded, "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. 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."
About the Texas International Homebuyers Report
The Texas International Homebuyers Report is based on survey data from the 2017 Profile of International Home Buying Activity by the National Association of Realtors, the 2011-2015 American Community Survey by the U.S. Census Bureau and the 2016 Yearbook of Immigration Statistics by the U.S. Office of Immigration Statistics. The Texas Association of Realtors distributes insights about the Texas housing market each month, including quarterly market statistics, trends among homebuyers and sellers, luxury home sales, condominium sales and more. To view the current Texas International Homebuyers Report in its entirety, visit texasrealestate.com.
About the Texas Association of REALTORS®
With more than 110,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We advocate on behalf of Texas REALTORS® and private-property owners to keep homeownership affordable, protect private-property rights and promote public policies that benefit homeowners. Visit texasrealestate.com to learn more.
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SOURCE Texas Association of Realtors