Yet another sign that the Texas economy is surging, News Radio 1200 WOAI reports.
Home sales to international buyers added $18.66 billion to the Texas economy from April 2016 to March 2017, according to a new study done by the Texas Association of Realtors. While there has long been a strong contingent of buyers from Mexico and Central America, chairwoman Vicki Fullerton says they're seeing a surge of investors from China and the Pacific Rim.
"I think they see that investment dollars being well used in the state of Texas," she tells Newsradio 1200 WOAI.
There were 34,135 international home sales in Texas between April 2016 and March 2017. That's a 59 percent increase from the same time frame last year.Texas is now second only to Florida when it comes to popular states for international homebuyers.
Fullerton says the international buyers are snapping up Texas homes not only as investments, but also second homes and houses for children who are attending college.
"As our state's population continues to grow and diversify, it's increasingly important for our real estate industry practitioners to be knowledgeable about the unique needs and challenges facing international homebuyers."