Houston in top U.S. cities for Chinese homebuyers

HOUSTON – Houston is one of the top cities in the country for Chinese homebuyers, according to Juwai.com, a Chinese real estate group. The company determined the top ten U.S. cities where Chinese bought property this year.

Houston was No. 5 on the list, behind New York, Los Angeles, Philadelphia and Detroit.

The greater Houston area is home to more than 70,000 Chinese immigrants. Chinese people are the fastest growing international buyers in the U.S. market, Juwai reported. They spent $8.2 billion on U.S. property in 2012, generating $492 million in commission for U.S. real estate agents.

About 70 percent of mainland Chinese buyers pay cash. They also buy higher-priced homes than other buyers and their median purchase price is $425,000. The median price in the nation is $199,500, according to the National Association of Realtors.