AUSTIN – (Realty News Report) – Texas ranked third nationwide, behind Florida and California, for homes purchased by international buyers, according to the Texas International Homebuyers Report released by Texas Realtors.
Where did the international buyers come from?
Texas was the top U.S. destination for international homebuyers from Mexico, according to the Texas Realtors report, which tracks residential transactions from April 2020 through March 2021.
Buyers from Mexico made up 29 percent of international purchasers in Texas. They were followed by buyers from India at 11 percent, the United Kingdom at 7 percent, China at 4 percent, and Canada at 3 percent.
The totals
International buyers purchased nearly 10,000 homes in Texas during the April 2020–March 2021 period, representing about $4.9 billion in sales.
Nationally, Texas accounted for 9 percent of all U.S. home purchases by international buyers, with 9,630 homes sold out of approximately 107,000 nationwide. Florida captured 22 percent of international buyer purchases, followed by California with 16 percent.
On the downside
Despite Texas’ high ranking, the international market cooled overall. International home purchases in the United States fell 31 percent compared with the prior year.
“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.”
Activity by international buyers contrasted with strong domestic sales. During the pandemic, home sales in Texas and across the country remained robust and home prices rose sharply. Historically low mortgage rates — with many 30-year loans available near 3 percent or lower — helped fuel that surge in activity.
Sept. 3, 2021 Realty News Report. Copyright 2021.
Photo credit: Ralph Bivins, Realty News Report. Copyright 2021.
For more on Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins.
File: Texas Ranked Third in International Realty Buyers