Texas home sales purchased by international homebuyers added $8.32 billion to the state’s economy between April 2014 and March 2015, according to the most recent 2015 Texas International Homebuyers Report by the Texas Association of Realtors.
What’s noteworthy is that the demographic pull of buyers is starting to veer away from the usual trends.
For the first time in the report’s history, homebuyers from Latin America (including Mexico) were not a clear majority of international homebuyers in Texas – comprising only 41% of international buyers.
Instead, homebuyers from Asia/Oceania (including China), conversely, doubled from 18% from April 2013-March 2014 to 31% from April 2014-March 2015.
And the same growth is happening with European and African buyers
Texas homebuying activity among European and African buyers doubled during the same time, rising from 9% to 15% and 4% to 8% from April 2014-March 2015, respectively.
Texas home sales from Canadian homebuyers decreased slightly from 5% to 4%.
“With more international homebuyers in Texas now originating from China, Europe and Africa than Latin America and Mexico, Texas truly has a global reputation as a great place to live, work and raise a family,” said Scott Kesner, chairman of the Texas Association of Realtors.
“International homebuyers see Texas real estate as a strong investment, whether that be as an investment property, a vacation home or a primary residence,” added Kesner.
On a national scale, homes purchased by international buyers accounted for 4% (209,000 home sales) of all U.S. home sales and 8% ($104 billion) of total U.S. home sales dollar volume between April 2014 and March 2015.
This is a 10.15% decrease in international home sales but an 11.4% increase in international home sales dollar volume from the same time last year.
Of this activity, approximately 8%, or 16,720 home sales and $8.32 billion, occurred in Texas – a 4% decrease from the same time frame last year.
Texas is a hub for immigration to the United States. The Lone Star State is home to the third-largest immigrant population size and ranks seventh in the nation for percentage of foreign-born residents among the statewide population.
Compared to native citizens, naturalized citizens in Texas continue to be significantly more likely to own a home.
Three in four naturalized citizens in Texas are homeowners compared to only 63% of native citizens in Texas.