AUSTIN – (Realty News Report) – The Lone Star State ranked third in the nation, behind Florida and California, for homes sold to international buyers, according to the Texas International Homebuyers Report released by Texas Realtors.
Where did the international buyers come from?
Texas was the preferred state for international home buyers from Mexico, according to the Texas Realtors report, which measure residential activity from April 2020 to March 2021.
Mexico accounted for 29 percent of the international buyers choosing Texas, followed by India at 11 percent, the United Kingdom at 7 percent, China at 4 percent and Canada at 3 percent.
The Totals
International homebuyers purchased nearly 10,000 homes in Texas from April 2020 to March 2021, representing $4.9 billion in sales
Looking at the entire nation, Texas accounted for 9 percent of all homes purchased by international homebuyers in the United States, with 9,630 home sales out of the 107,000 nationwide. Florida captured 22 percent of the international buyers, followed by California at 16 percent.
On the Downside
But the international segment has not been a bright spot. Overall, International home purchases decreased 31 percent in the U.S. compared to last year’s report.
“The pandemic had a significant impact on the number of foreign homebuyers over the last year,” said Marvin Jolly, chairman of Texas Realtors. “Even so, Texas remained one of the top destinations for people around the world to purchase a house here. International homebuyers continue to choose Texas because they recognize the strength of our economy, abundance of investment opportunities and attractive cost of living.”
The activity from foreign buyers contrasts with the sales activity among domestic buyers. During the pandemic, home sales in Texas and elsewhere have been very strong over the last year and home prices have risen sharply. Low mortgage rates, with 30-year mortgages available at 3 percent or less, have fueled the surging activity.
Sept. 3, 2021 Realty News Report Copyright 2021
Photo credit: Ralph Bivins, Realty News Report Copyright 2021
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File: Texas Ranked Third in International Realty Buyers