Shared from the 8/17/2017 Austin American Statesman eEdition


Foreign buyers’ purchases of Texas homes rise 59%

Offshore home buys in state nearly $18.7 billion during 12-month period.

Foreign homebuyers are taking a big bite out of Texas’ hot housing markets.

International buyers purchased 34,135 Texas homes during the year that ended with the first quarter, according to a new report by the Texas Association of Realtors.

Offshore home buys in the Lone Star State added up to almost $18.7 billion during the 12-month period, according to the report.

Texas homes purchased by international buyers rose 59 percent from the previous year.

“This surge in international home sales activity underscores the growing reputation Texas has as a global destination for owning a home or investment property,” Vicki Fullerton, chairwoman of the Texas Association of Realtors, said in the report. “The state’s low unemployment, diverse industry base and world-class higher education institutions are just some of the reasons why international residents seek to attend college, raise a family or do business in Texas.”

Texas ranks second to Florida for foreign home purchases with 12 percent of the U.S. total.

Most of the acquisitions were by Mexicans. The Realtors’ group’s report found that 43 percent of all U.S. residential acquisitions by Mexican buyers last year were in Texas.

Chinese buyers also are buying more Texas homes, up 11 percent from 2016 levels, the report said.

The Texas breakdown of foreign homebuyers comes on the heels of a recent nationwide report on international purchases.

Foreign buyers acquired a record $153 billion in U.S. homes for the 12 months that ended in March, the National Association of Realtors reported last month. That was a 49 percent increase in dollar volume from sales to foreign buyers in the previous year.

Florida, Texas, California, New Jersey and Arizona are the most popular states for international homebuyers.

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