Supersize That House? New Homes Increase

New home buyers employ a big appetite for larger homes, as outlined by preliminary data recently released from the U . s . Census Bureau––suggesting that home sizes set a new record in 2013. 177283476

The average height and width of a brand new home has grown in excess of 300 square feet during the last 5 years, to 2,679 square centimeter in 2013 from 2,362 feet square in '09, according to the census data within a report published from the National Association of Home Builders.

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

The NAHB says builders are meeting the requirements with their customers, who may have a much higher credit history along with a higher median income in comparison to 2007. The common new-home sale price rose to $318,000 in 2013 from $248,000 last year.

These days, the conventional new home is about 50% bigger than its 1973 counterpart, in line with the Census Bureau, which began tracking this type of data from the mid-1970s.

As size has increased, so gets the amount of bedrooms. Of all new homes built, 48% had four or five bedrooms in 2013, when compared with 34% during the past year. If this type of trend holds, it could bring another key shift in the housing demographic: A few-bedroom home, that has been the style of the housing marketplace since 1973, could possibly be traded up to get a bigger size.

Furthermore, 35% of latest homes inbuilt 2013 had no less than 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.

Based on a current NAHB study within the Characteristics of Home Buyers, first-time homebuyers purchase more affordable and smaller homes than trade-up buyers. First-time buyers, who usually represent 40% on the market, are actually steadily eliminated from the market as credit rules have tightened and mortgage rates have raised, according to the NAHB report, that could also explain the increase in average home size.