Foreign buyers snapped up almost 14,000 Texas homes last year.
During the 12 months ending in March, foreign buyers purchased $6.6 billion in Texas properties, according to the Texas Realtors association’s annual study.
That’s down significantly from the $7.8 billion in Texas housing purchased by foreigners in the 2019 report.
And home purchases in 2019 by international buyers fell 28% in Texas from 2018 levels.
Texas accounted for 9% of total U.S. foreign home purchases in the most recent study.
“Despite the slight drop in foreign buyers compared to the previous reporting period, Texas remained a top state for international buyers, particularly those coming from Latin America,” Cindi Bulla, chairman of Texas Realtors, said in the report. “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.”
More than 40% of the offshore buyers in Texas hailed from Latin America and the Caribbean. The state particularly saw a large number of homebuyers from Mexico and Brazil.
Texas ranked third nationally behind Florida and California for foreign property acquisitions.
Texas’ major cities saw thousands of immigrants from foreign countries which fuel the home purchases.
Houston ranked fifth nationally for foreign immigration in 2018 and the D-FW area was ninth.
U.S. home purchases by foreign buyers last year dropped to the lowest point in more than a decade.
Foreign buyers grabbed 154,000 U.S. residential properties in the year ending in March – down 16% in number from the previous year.
U.S. residential property buys by foreigners have fallen more than 45% since 2017 because of changing economic and immigration conditions.
Higher home prices and a shortage of housing inventory in many major markets are also an issue.
The Realtors report mostly reflects market data before the COVID-19 pandemic took hold.
Nationwide, foreign home buys totaled $74 billion in the most recent annual study.