International home buyers are making their mark in the Texas market -- and increasingly so.
According to the 2014 Texas International Homebuyers Report by the Texas Association of Realtors, international homebuyers added $11.06 billion to the Texas economy between March 2013 and March 2014 -- their highest level in five years.
To put that number in perspective, Texas accounted for 12% of the total $92.2 billion contributed by this demographic to the nationwide economy. That makes Texas the No. 3 state for international home sales.
Additionally, naturalized citizens in Texas are about 12% more likely to own a home than U.S. natives. This makes Texas unique from the rest of the country, where there's virtually no different in homeownership rates between naturalized and native citizens.
“The Texas housing market is not only strong in sales volume, but in its diversity," said Texas Association of Realtors chairman Dan Hatfield. "The demand for Texas homes stretches around the world. International home buyers increasingly view Texas homes as a good investment, and as our economy has grown, so has the number of international home buyers in our state.”
The majority of international home buyers in Texas hail from Latin America or the Caribbean. Texas is home to more than 65% of U.S. homes purchased by Mexican home buyers.
Overall, international home buyers made up 7% of total U.S. home sales over the 12-month period.