New home buyers have a big appetite for larger homes, according to preliminary data recently released by the United States Census Bureau––suggesting that home sizes set a new record in 2013. 
The average size of a new home has increased more than 300 square feet in the last five years, to 2,679 square feet in 2013 from 2,362 square feet in 2009, according to the census data in a report published by theNational Association of Home Builders.
The return to larger homes comes after housing sizes bottomed out in 2009.
The NAHB says builders are meeting the demands of their customers, who have a much higher credit score and a higher median income than in 2007. The average new-home sale price rose to $318,000 in 2013 from $248,000 in 2009.
These days, the typical new home is about 50% larger than its 1973 counterpart, according to the Census Bureau, which began tracking this kind of data in the mid-1970s.
As square footage has increased, so has the number of bedrooms. Of all the new homes built, 48% had at least four bedrooms in 2013, compared to 34% in 2009. If this trend holds, it could bring another key shift in the housing demographic: The three-bedroom home, which has been the model of the housing market since 1973, could be traded up for a bigger size.
In addition, 35% of new homes built in 2013 had at least three full bathrooms, up from 23% in 2010. Similarly, the share of homes with garages for three or more cars rose to 22% in 2013 from 16% in 2010.
For full story visit:
No comments:
Post a Comment