Hot Housing Market
In the midst of facing slim inventory and the onset of the coronavirus pandemic, Texas remained one of the most sought-after destinations for international homebuyers.
From April 2019 to March 2020, Texas was home to 9 percent of all U.S. real estate purchases by international buyers, according to the 2020 edition of the Texas International Homebuyers Report, released October 12 by Texas Realtors.
That puts the Lone Star State third, behind only Florida and California.
"Texas continues to enjoy strong international real estate sales activity. From relocations to commercial or residential, foreign buyers choose Texas because of our resilient economy, job availability, investment opportunities, and friendly business climate," says Cindi Bulla, chairman of Texas Realtors, in a release.
In total, 13,860 Texas homes were purchased by international buyers in the time period, to the tune of $6.6 billion. While it's an impressive figure, it's a significant drop in sales dollars from the previous period, when the state raked in nearly $8 billion from this global group.
The majority of these homebuyers hail from Mexico (28 percent), followed by Brazil and India (each 12 percent), China (5 percent), and Canada (3 percent).
Like Texas, the U.S. as a whole saw a dip in international homebuying activity in the most recent reporting period. Sales were down 16 percent, and 154,000 homes were sold across the country, a drop from 183,100 sold between 2018 and 2019.
Despite the slowdown, Texas Realtors "remain confident in a rapid rebound," says Bulla. "Our state's strong economy and attractive investment opportunities will continue to spur interest from international investors for years to come."