AUSTIN, Texas, Oct. 12, 2020 /PRNewswire/ — International home sales added $6.6 billion to the Texas economy from April 2019 to March 2020, according to the Texas International Homebuyers Report released today by Texas Realtors.
Texas was third in the nation for homes sold to international buyers, behind Florida and California. Texas accounted for 9% of all homes purchased by international homebuyers in the United States, with 13,860 home sales out of 154,000 nationwide. The U.S. saw a 16% decline in the number of foreign buyer purchases compared to the last reporting period.
“Texas continues to enjoy strong international real estate sales activity. From relocations to commercial or residential, foreign buyers choose Texas because of our resilient economy, job availability, investment opportunities and friendly business climate,” said Cindi Bulla, chairman of Texas Realtors. “Despite the slight drop in foreign buyers compared to the previous reporting period, Texas remained a top state for international buyers, particularly those coming from Latin America.”
Forty-two percent of Texas buyers came from Latin America/Caribbean. Texas was also a top destination for international homebuyers from Mexico and Brazil. Of all homebuyers from Mexico, 28% purchased a home in Texas. The next closest state, California, had 14% of the total homebuyers from Mexico. Among buyers from Brazil, 12% chose Texas, tying with Minnesota at second place and behind first-place Florida, with 49%. Texas accounted for 9.5% of new immigration in the United States in 2018.
Six Texas metropolitan statistical areas (MSAs) were among the top destinations for immigration in the country. Two Texas MSAs were among the top 10, with Houston–The Woodlands–Sugar Land as the fifth-most popular U.S. market, followed by Dallas-Fort Worth–Arlington at number nine.
Texas also ranked third in the nation for home sales from international homeowners, behind Florida and California. Eight percent of homes sales in Texas were from international homeowners.
On the commercial side of international real estate transactions, Texas was the third-most popular destination for buyers who work with Realtors, according to the 2020 Commercial Real Estate International Business Trends report from the National Association of Realtors.
Bulla concluded, “While the effects of the COVID-19 pandemic combined with residential inventory challenges caused a slowdown from the record highs of 2019, we remain confident in a rapid rebound. Our state’s strong economy and attractive investment opportunities will continue to spur interest from international investors for years to come. Texas REALTORS® are always hard at work to make sure of it.”
About the Texas International Homebuyers Report
The Texas International Homebuyers Report is based on survey data from the 2020 International Transactions in U.S. Residential Real Estate by the National Association of REALTORS®, the 2014-2018 American Community Survey by the U.S. Census Bureau, the 2018 Yearbook of Immigration Statistics by the Department of Homeland Security and the 2020 edition of the Commercial Real Estate International Business Trends. Texas 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 Texas REALTORS®
With more than 135,000 members, Texas REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. In 2020, Texas REALTORS® is celebrating a century of shaping Texas by being the advocate for private property rights, maintaining the highest standards of professionalism, and providing its members with the tools to achieve success. Visit texasrealestate.com to learn more.
SOURCE Texas REALTORS