International Homebuyers Add $10.89 Billion To Texas Economy From 2017-2018
“International home sales activity continues to be one of the strongest sectors in Texas real estate, spurring strong growth in the Texas economy,” said Kaki Lybbert, chairman of the Texas Association of Realtors.
Staff Reports
On Wednesday, August 29, the Texas Association of Realtors released the latest edition of Texas International Homebuyers Report, which showed Texas’s economy received an additional $10.89 billion from April 2017 to March 2018 for international home sales.
Florida and California rank ahead of Texas for international home sales volume among U.S. states.
“International home sales activity continues to be one of the strongest sectors in Texas real estate, spurring strong growth in the Texas economy,” said Kaki Lybbert, chairman of the Texas Association of Realtors. “Despite the slight drop in international homebuyers compared to the previous period, Texas remains an international hub and top destination for people from across the world to live, work and conduct business.”
In 2017-2018, Texas dropped its ranking from the second most popular state for international homebuyers to third. However, the state accounted for nine percent of all homes purchased by international homebuyers for April 2017 – March 2018 with 24,012 home sales out of 266,800 nationwide.
New York and Arizona rank fourth and fifth for international home sales.
According to the latest Yearbook of Immigration Statistics from the Department of Homeland Security, six Texas metropolitan statistical areas are among the top fifty MSAs nationwide for immigration.
- 6 – Houston – Sugar Land – The Woodlands
- 8 – Dallas – Fort Worth – Arlington
- 26 – Austin – Round Rock – San Marcos
- 28 – San Antonio – New Braunfels
- 33 – El Paso
- 48 – McAllen – Edinburg – Mission
Between April 2017 and March 2018, Texas was the top destination for homebuyers from Mexico with 38 percent of Mexican homebuyers choosing Texas over any state. Texas also was a top destination for homebuyers from China (7 percent), India (6 percent), the United Kingdom (5 percent) and Canada (3 percent).
Texas also accounted for ten percent of all homes sold by international home sellers during the same period.
Chairman Lybbert concluded, “Fueled by the desire to start and run a business, obtain world-class education or purchase investment property, international homebuyers continue to choose Texas. As the demand for Texas homeownership continues to span the globe, TAR encourages all homebuyers to work with a Texas Realtor to best understand and successfully navigate the home buying process.”
