International homebuyers contribute $18.66 billion to Texas economy from 2016-2017
Texas Association of REALTORS® releases the latest edition of Texas International Homebuyers Report
August 15, 2017 — Austin
Texas home sales from international buyers added $18.66 billion to the Texas economy from April 2016 to March 2017, according to theTexas International Homebuyers Reportreleased 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 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 Profile of International Home Buying Activity and the Business Data for Engaging in International Real Estate Transactions in Texas studies by the National Association of REALTORS®, the American Community Survey by the U.S. Census Bureau, and the 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.
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Author:Jerry and Janna Burton Phone: 214-850-9014 Dated: July 23rd 2018 Views: 206 About Jerry and Janna: Jerry and Janna Burton joined William Davis Realty in February, 2009. Both Janna and Jerry hold busi...
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