It was a seller’s market in Killeen at the end of 2018, and construction throughout the year remained steady in order to meet the demands of the market.
Killeen permit officials issued 697 permits for the construction of new homes worth a combined total of $114.72 million in 2018.
According to the city permit office, Killeen issued 611 permits for new homes in 2017.
Permit totals for both years are a far cry from the peak year in new-home permits issued, which occurred in 2006. There were 1,245 permits for new homes issued that year.
Currently, Killeen has a housing inventory of 2.4 months. Housing inventory — which is defined as how long it would take before all active listings are sold if housing prices remained static — has seen a drop in Killeen since 2011, which had a high of 9.1 months of inventory, according to information obtained from the Texas A&M Real Estate Center.
Harker Heights also saw an increase in sales from last year, with 43 house closings in November making for a 4.9 percent increase.
Permit officials in Harker Heights issued 163 permits last year for the construction of new single-family residences, worth a combined total of $45.90 million. This is large increase from 2017’s numbers, which saw the city issue just 58 permits.
Harker Heights currently has a housing inventory of 2.9 months.
Copperas Cove has also seen a steady supply of new houses being built in 2018.
Cove building officials issued 185 permits last year for the construction of new single-family residences, worth a combined total of $25.98 million. The permit office for Cove issued 113 new single-family building permits during 2017.
Closed sales are also up in Copperas Cove according to November’s numbers, though by a smaller percentage. There were 53 house-closings in Cove in November, up 1.9 percent from last year.
Currently, Copperas Cove has a housing inventory of about 2.2 months.
According to Lawrence Yun, chief economist for the National Association of Realtors, home sales were expected to decrease in 2018 due to insufficient supply and swiftly rising home prices rather than a lack of demand. However, according to November’s housing report (the most recent report available from the Fort Hood Area Association of Realtors), the number of closed sales increased by 14.9 percent from November 2017.
“Our market only loosely follows the trends often pointed out by NAR,” Michael DeHart, executive director of the Fort Hood Area Association of Realtors told the Herald recently.
In November, there were 162 closed sales in Killeen, according to a monthly report published by the FHAAR.