Home sales in the Greater Killeen-Fort Hood Area are up slightly from last month despite the number of new home starts for the year being down.
In October, 212 homes were sold in the coverage area of the Fort Hood Area Realtors Association, which extends from Nolanville to Lampasas and Gatesville to Florence.
The number is greater than last month’s 206 and October 2012’s 189 homes sold, stated a report from the association.
But the number of houses on the market also increased.
In October, 1,586 homes were on the market compared to last year’s 1,476 single-family residences.
There are about seven months worth of homes on the market if selling continues at the current rate, stated the report.
That means the greater Killeen-Fort Hood area favors the buyer and not the seller, said Jose Segarra, a spokesman for the association.
“We are still in a buyer’s market here (in Central Texas),” he said. “In our market we are holding steady.”
While there are more homes on the market, there are fewer homes being built, according to the report.
By October 2012, there were 895 homes built in the greater Killeen-Fort Hood area, year-to-date.
This year, 743 homes were built by October, a reduction of about 17 percent.
Segarra said the lower number isn’t cause for concern, but rather the market balancing itself out.
There was a lot of uncertainty in the market earlier this year, driven mostly by government furloughs and national concerns pertaining to the U.S. budget, he said.
Because of that uncertainty, the market slowed down.
As soldiers continue to come home from Afghanistan, the selling numbers probably will increase, Segarra said.
“I think we are going to see a much stronger first quarter,” he said. “I am very optimistic that we will do well this year.”