According to recently released information from the Census Bureau, after three decades of continuous increase, the size of new single-family homes built in 2009 dropped to a nationwide average of 2,438 square feet.
NAHB Chief Economist David Crowe explains, “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.”
• The average size of a new-single family homes last year was almost 100 square feet smaller than in 2007.
In addition to dropping in size, new single-family homes also had fewer bedrooms and bathrooms than in previous years. Between 2005 and 2009, the percentage of these homes with four bedrooms or more dropped from 39% to 34%, and those with three or more bathrooms declined from 28% in 2007 and 2008 to 24% last year.
If you are still in the market of for a new home, how will this shift in home size affect your next purchase? For more information on this and to see some regional differences between new single-family visit the NAHB website.