By Steve Brown of The Dallas Morning News
Real Estate Editor
Texas is a top market for foreign homebuyers, with most of the purchasers coming from Mexico, India and China, according to a new study.
The Lone Star State ranks third in the country for purchases by international buyers behind Florida and California, the report just released by the National Association of Realtors shows.
On a national basis, Chinese and Canadian buyers still account for the largest share of U.S. home acquisitions by offshore purchasers — almost 215,000 bought in the 12-month period ending in March 2016.
Foreign buyers acquired more than $102 billion in U.S. homes between April 2015 and March, according to the Realtors. That's a slight decline from the previous year.
"Foreigners — especially those from China — continue to see the U.S. as a solid investment opportunity and an attractive place to visit and live," Realtors economist Lawrence Yun said in the report. "Both the increase in U.S. home prices — up 6 percent in March 2016 compared to one year ago — and the depreciating value of foreign currencies against the U.S. dollar made buying property a lot pricier last year."
About half of the home buys by foreigners were all cash deals. Their median purchase price was $277,380.
Chinese buyers snapped up $27.3 billion in houses. And Canadian purchases totaled $8.9 billion.
Buyers from India spent $6.1 billion on homes in this country. And purchases from Mexico totaled $4.8 billion.
About 10 percent of the total foreign home purchases were in Texas.
Houston and Dallas were the top areas to attract international homebuyers in the state, the Realtors report shows.
In the Dallas area, most of the offshore purchasers were from Mexico, Canada, Germany, Australia and the United Kingdom.