Texas ranks among hottest U.S. destinations for international homebuyers
When it comes to international homebuyers, only two states are hotter than Texas, shows a new report from the Texas Association of Realtors. The annual Texas International Homebuyers Report, released August 29, details just how much buyers from around the globe pumped into the Lone Star economy over a 12-month period.
From April 2017 to March 2018, 24,012 Texas homes were sold to international buyers — a total of $10.89 billion in sales. According to the report, Texas accounted for 9 percent of all U.S. home sales to international buyers in the timeframe, behind only Florida (19 percent) and California (14 percent).
While the figures are impressive, they pale in comparison to the previous year. From April 2016 to March 2017, Texas boasted 12 percent of all U.S. sales to foreign buyers, totaling a whopping $18.66 billion.
Still, international home sales remain "one of the strongest sectors in Texas real estate, spurring strong growth in the Texas economy," says Kaki Lybbert, chairman of the Texas Association of Realtors, in a release. "Despite the slight drop in international homebuyers compared to the previous period, Texas remains an international hub and top destination for people from across the world to live, work, and conduct business."
The study shows that 38 percent of buyers from Mexico purchased a home in Texas (the No. 1 destination for buyers from Mexico). Texas was also a popular location for buyers from China (7 percent), India (6 percent), the U.K. (5 percent), and Canada (3 percent).
The Lone Star State also ranked third for homes sold by international owners, again behind Florida and California. From April 2017 to March 2018, 10 percent of U.S. homes sold by international sellers were in Texas.