Reply
Veteran Advisor
Posts: 894
Registered: ‎07-21-2010

Recent data about house sizes and the decline in square footage

  Here's some stats and info from the NAHB(National Association of Home Builders) from the recent census data about house sizes and the decline in size and # of bedrooms.

 

http://www.nahb.org/news_details.aspx?newsID=10898   Home Size Continues to Decline; Buyers Increasingly Opt for Single-Story Homes  

June 14, 2010 - The size of new single-family homes completed declined last year, dropping to a nationwide average of 2,438 square feet, according to detailed information about the characteristics of new homes completed in 2009 that was released recently by the Census Bureau.

 

After increasing continually for nearly three decades, the average size of single-family homes completed in the United States peaked at 2,521 square feet in 2007. It was essentially flat in 2008, then dropped in 2009, so that new single-family homes were almost 100 square feet smaller in 2009 than in 2007.

 

“We also saw a decline in the size of new homes when the economy lapsed into recession in the early 1980s,” said NAHB Chief Economist David Crowe. “The decline of the early 1980s turned out to be temporary, but this time the decline is related to phenomena such as an increased share of first-time home buyers, a desire to keep energy costs down, smaller amounts of equity in existing homes to roll into the next home, tighter credit standards and less focus on the investment component of buying a home. Many of these tendencies are likely to persist and continue affecting the new home market for an extended period.”