The study lists Killeen-Temple as 16th among mid-size metros for building single-family homes in 2022.

Construction Coverage studied The U.S. Census Bureau and home listings on Zillow to determine the rate of new builds in more than 300 metropolitan areas across the country. Three Texas areas — Austin, Houston and Dallas and were among the top ten active construction markets, ranking first, fifth and six, respectively.

Research by Construction Coverage showed 21.1 new housing units authorized for every thousand existing homes in the Killeen-Temple Metropolitan area, for a total of 4,016.

The median home price in the metro area was listed $256.624.

With 308 active listings in Killeen, the Fort Hood area Association of Realtors reported 1.6 months’ worth of real estate inventory in July.

City records for Killeen show an average of 521.7 homes built in the 1980s, an average of 620.4 in the 1990s, 993.6 in the early 2000s, and 727 from 2010 to 2019.

In 2020, 888 single family homes were constructed. City records show 109 homes were built in July, 175 in August, and 105 in October, of 2020.

In 2021, 592 single-family homes were constructed in Killeen, and 497 last year. Half-way through 2023, each month except April and May has had fewer new constructions than the same time last year. By July of 2022, 317 new homes had been constructed, compared to 276 this year.

With 308 active listings in Killeen, the Fort Hood Area Association of Realtors reported 1.6 months’ worth of real estate inventory in July — an increase from the 257 active listings in May, which represented 1.3 months of inventory.

Ranked first nationwide, the greater Austin area has the highest rate of new constructions — along with the highest reported population growth — at 15.1 percent.

The Austin area authorized construction of 42.5 new houses for every thousand existing homes in 2022, a slight decrease from the 47.9 homes per thousand approved in 2020, according to the study by Construction Coverage. Their data shows the median home price of $487,537 for the area.

Houston is fifth on the national ranking for new constructions with 26.8 new homes built in 2022 for every thousand existing homes, the study showed. This is a slight increase of the 26.2 new units for every thousand homes approved for construction in the Houston area in 2020. The median home in Houston is valued at $306,423.

Dallas ranked sixth with 25.8 new housing units authorized for every thousand existing homes in 2022, up from 21.1 new homes built in 2020 for every thousand existing homes. The median home value in the Dallas area is $376,026, the study showed.

Across the country people continue to combat increasing real estate values and rental rates, which have been a challenge since the onset of the COVID-19 pandemic, researchers conclude.

The median price of a home increased by $150,000 from the start of the pandemic through 2022. While rental rates were frozen for many during the early days of the pandemic, 2021 and 2022 saw a spike in rental rates.

The second quarter of 2023 showed a decline in sale prices of about 13.2 percent nationwide since the last quarter of 2022, according to research from Construction Coverage.

Rising mortgage rates and the spike in home values contribute to a slower real estate market, but there remains a shortage in the housing supply. As the nation recovered from the collapse of the housing market in the mid-2000s, worker shortages and supply chain disruptions during the pandemic further crippled new constructions.

Lack of affordability locks millennial consumers in the expensive rental market and prevents them from becoming homeowners. Meanwhile, Construction Coverage notes there is still a mere 1.3 million single-family homes for sale — which is 8.1 percent above the record low set in February of 2022.