Hardware Retailing The Industry's Source for Insights and Information
As the housing market continues to recover, the size of newly built single-family homes is slightly decreasing. Single-family home sizes have been on the rise since the end of the recession, and now they are tapering off for the second quarter in a row.
The National Association of Home Builders (NAHB) says, “According to third quarter 2014 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, average single-family square floor area decreased from 2,651 to 2,601 square feet, while the median fell from 2,472 to 2,414 square feet.”
Even though these numbers are cooling, home size still remains larger than pre-recession levels, which is in line with historical trends. NAHB says, “Typical home size falls prior to and during a recession as some homebuyers cut back, and then sizes rise as high-end homebuyers, who face fewer credit constraints, return to the housing market in relatively greater proportions.”
To read more about the trends in single-family home size, click here.
