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International homebuyers add $10.89 billion to Texas economy from 2017-2018

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International homebuyers add $10.89 billion to Texas economy from 2017-2018

Texas Association of Realtors releases latest edition of Texas International Homebuyers Report

PR Newswire

AUSTIN, Texas, Aug. 29, 2018 /PRNewswire/ -- International homebuyers in the Texas real estate market added $10.89 billion to the Texas economy from April 2017 to March 2018, according to the Texas International Homebuyers Report released today by the Texas Association of Realtors. Texas ranked third among U.S. states for international home sales volume behind Florida and California respectively.

Texas Association of Realtors logo. (PRNewsFoto/Texas Association of Realtors)

"International home sales activity continues to be one of the strongest sectors in Texas real estate, spurring strong growth in the Texas economy," said Kaki Lybbert, chairman of the Texas Association of Realtors. "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."

Texas dropped from second to the third most popular state for international homebuyers, behind Florida and California and ahead of New York and Arizona. Texas accounted for 9 percent of all homes purchased by international homebuyers in the United States from April 2017 to March 2018, with 24,012 home sales out of 266,800 nationwide.

Six Texas metropolitan statistical areas (MSA) are in the top 50 MSAs nationwide for immigration, according to the latest Yearbook of Immigration Statistics from the Department of Homeland Security:

  • No. 6 – HoustonSugar LandThe Woodlands
  • No. 8 – DallasFort WorthArlington
  • No. 26 – AustinRound RockSan Marcos
  • No. 28 – San AntonioNew Braunfels
  • No. 33 – El Paso
  • No. 48 – McAllenEdinburgMission

Texas had the highest volume of homebuyers from Mexico of any state from April 2017 to March 2018, with 38 percent of Mexican homebuyers who purchased a home in the U.S. choosing Texas. The Lone Star State was also a top destination for homebuyers from China (7 percent), India (6 percent), the United Kingdom (5 percent) and Canada (3 percent).

Texas ranked third in the nation for international home sales, behind Florida and California and above Arizona and New York. Texas accounted for 10 percent of all homes sold by international home sellers in the United States between April 2017 and March 2018.

Chairman Lybbert concluded, "Fueled by the desire to start and run a business, obtain world-class education or purchase investment property, international homebuyers continue to choose Texas. As the demand for Texas home ownership continues to span the globe, TAR encourages all homebuyers to work with a Texas Realtor to best understand and successfully navigate the home buying process."

About the Texas International Homebuyers Report
The Texas International Homebuyers Report is based on survey data from the 2018 Profile of International Home Buying Activity by the National Association of Realtors, the 2012-2016 American Community Survey by the U.S. Census Bureau and the 2016 Yearbook of Immigration Statistics by the Department of Homeland Security. 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 114,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocate for REALTORS® and private property rights in Texas. Visit texasrealestate.com to learn more.

CONTACT: Morgan Moritz, 512-448-4950, mmoritz@piercom.com

 

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SOURCE Texas Association of Realtors

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