International home sales top $10 billion in Texas from 2015 to 2016
Texas Association of REALTORS® releases Texas International Homebuyers Report
FOR IMMEDIATE RELEASE—
CONTACT: Danielle Urban, 512-448-4950
Sep 01 2016 — Austin
Texas home sales purchased by international homebuyers added more than $10 billion to the Texas economy from April 2015 and March 2016, according to the Texas International Homebuyers Report released today by the Texas Association of REALTORS®.
“Over the last several years, Texas has become increasingly popular among international homebuyers from all parts of the globe for relocations, investment properties, and vacation homes,” said Leslie Rouda Smith, chairman of the Texas Association of REALTORS® . “In addition to our state’s strong economy and job growth, Texas’s friendly and welcoming culture is part of what make our state a great place to live, work, and do business.”
Homes purchased by international buyers accounted for 7% (214,885 home sales) of all U.S. home sales and 6.75% ($102.6 billion) of total U.S. home sales dollar volume between April 2015 and March 2016. This is a 3% increase in international home sales but a 1.25% decrease in international home sales dollar volume from the same time period last year. Approximately 10%, or 21,488 home sales and $10.2 billion, of this activity occurred in Texas—a 2% increase from the same time frame last year.
From April 2015 to March 2016, Texas drew nearly equal percentages of homebuyers from both Latin America (including Mexico) and Asia/Oceania (including China and India). Thirty-four percent of international homebuyers were from Asia/Oceania, while 36% of homebuyers were from Latin American. European homebuyers comprised 12% of international home purchases, followed by African buyers at 8% and Canadian buyers at 4%.
Texas had the highest volume of homebuyers from India of any state from April 2015 to March 2016, with one in five (20%) Indian homebuyers purchasing a home in the U.S. purchasing a home in Texas. Texas also continued to have the highest share of homebuyers from Mexico, with more than one in three (35%) of international homebuyers from Mexico purchasing a home in Texas.
Chairman Smith concluded, “Texas is now home to the second-largest foreign-born population size in the nation and has the seventh-highest percentage of foreign-born residents compared to statewide population. As more homebuyers from around America and around the world begin to eye Texas as a relocation destination, these homebuyers can count on Texas REALTORS® to help them find the right home for them and their families.”
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.
About the Texas Association of REALTORS®
With more than 110,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We advocate on behalf of Texas REALTORS® and private-property owners to keep homeownership affordable, protect private-property rights, and promote public policies that benefit homeowners. Visit texasrealestate.com to learn more.