(Illustration by The Real Deal with Getty)

TheRealDeal reports, "an influx of international home buyers is providing a boost to Central Texas’ housing market. 

Over a 12-month stretch that ended in March, foreign homebuyers spent $609 million in Central Texas, accounting for 3 percent of sales dollar volume in the Austin region, the Austin American-Statesman reported, citing a study by the Austin Board of Realtors. 

“The Central Texas region continues to be a magnet for international homebuyers and investors,” Ashley Jackson, president of the Austin Board of Realtors, told the outlet. “One in six new Austin-area residents come from abroad.”

India was the primary source of international homebuyers for the second consecutive year, accounting for 21 percent of transactions among foreign residents. Mexico trailed at 17 percent, followed by China (6 percent), Brazil (6 percent) and Canada (5 percent) as the top five migration sources.

The median home price for international buyers surged to more than $573,000, an increase of more than $50,000 from the 2022 median. This figure significantly exceeded the Austin region’s overall median price of just over $478,000 during the survey period.

The wave of international buyers is a boon for a housing market that’s been plagued by rising mortgage rates, affordability issues and economic uncertainty. As of September, the Austin area’s housing inventory surged to an eight-year high of four months, and the number of closed sales decreased 18.2 percent year-over-year to 2,387.

In October, sales volume fell 4.1 percent compared to one year prior. Of the 2,337 houses that changed hands last month, half of them sold for less than $435,000, marking a 7.5 percent year-over-year decline.

Despite the broader market challenges, foreign demand for Central Texas homes remains robust, ABOR housing economist Clare Losey said. 

JBGoodwin Realtors agent Annette Von Ahn has closed 60 transactions with international families in the past 30 months. Foreign buyers face challenges, such as the absence of a U.S. credit score, Social Security card or other important documentation, she said."

Source: TheRealDeal

Written by: Quinn Donoghue 

Published: November 14, 2023

Posted by Grossman & Jones Group on


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