Foreign Homebuyers Add $18.66 billion to Texas Economy
Texas home sales from international buyers added $18.66 billion to the Texas economy from April 2016 to March 2017, according to a report from the Texas Association of Realtors.
Attracting buyers from across the globe, Texas ranked second among U.S. states for international home sales volume.
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.
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