Supersize That House? New Homes Increase

New home buyers have a big appetite for larger homes, according to preliminary data recently released because of the U . s . Census Bureau––suggesting that home sizes set a brand new record in 2013. 177283476

The common size a brand new home has grown over 300 sq . ft . in the last 5yrs, to 2,679 sq ft in 2013 from 2,362 sq ft last year, based on the census data within a report published by the National Association of Home Builders.

The get back to larger homes employs housing sizes bottomed in 2009.

The NAHB says builders are meeting the demands of their customers, that have a significantly higher credit score and a higher median income compared with 2007. The normal new-home sale price rose to $318,000 in 2013 from $248,000 in '09.

Right now, the standard new house is about 50% bigger than its 1973 counterpart, good Census Bureau, which began tracking such a data in the mid-1970s.

As sq footage has increased, so has got the number of bedrooms. Of all the so-called new homes built, 48% had four or five bedrooms in 2013, compared to 34% in 2009. If this type of trend holds, it may bring another key transfer of the housing demographic: The 3-bedroom home, containing been the style of the housing industry since 1973, may be traded up to get a bigger size.

Furthermore, 35% of latest homes integrated 2013 had at the very least three full bathrooms, up from 23% truly. Similarly, the share of homes with garages for three or even more cars rose to 22% in 2013 from 16% in 2010.

As outlined by an up to date NAHB study on the Characteristics of Home Buyers, first-time homebuyers purchase lower priced and smaller homes than trade-up buyers. First-time buyers, who usually represent 40% of the market, are actually steadily eliminated from your market as credit rules have tightened and mortgage rates have raised, based on the NAHB report, that could also explain the rise in average home size.