Posted in Industry News
Average Size of Single-Family Homes Levels Off
As the market continues to recover, the average size of new single-family homes is leveling off, according to a recent report from the National Association of Home Builders (NAHB). The last two quarters have not posted gains in this area, but despite the decreases, current new home sizes reflect post-recession sizes due to a different mix of buyers. More and more first-time buyers are coming back to the market, and as a result, the average single-family home size will continue to see declines in the coming quarters.
Third quarter 2014 data from NAHB and the Census Quarterly Starts and Completions by Purpose and Design says that square footage in the average single-family home decreased from 2,651 to 2,601 square feet, while the median fell from 2,472 to 2,414 square feet.
This rise and fall in single-family home size is consistent with post-recession historical patterns in this area. Home size usually decreases before and during a recession, as buyers scale back. Conversely, sizes rise again as high-end buyers who deal with less credit constraints return to the market in greater numbers.
Read the full article from NAHB here.
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