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

The average sized a new home has grown over 300 square feet over the last five years, to two,679 sq . ft . in 2013 from 2,362 sq . ft . in '09, based on the census data inside a report published by the National Association of Home Builders.

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

The NAHB says builders are meeting the requirements of the customers, who have a lot higher credit rating and a higher median income in comparison to 2007. The common new-home sale price rose to $318,000 in 2013 from $248,000 in '09.

Today, the conventional new home is about 50% larger than its 1973 counterpart, in line with the Census Bureau, which began tracking these kinds of data inside the mid-1970s.

As size has grown, so provides the volume of bedrooms. Of all the so-called new homes built, 48% had four or five bedrooms in 2013, compared to 34% last year. Detail trend holds, it may bring another key transfer of the housing demographic: The 3-bedroom home, containing been the type of the housing industry since 1973, may be traded up for the bigger size.

In addition, 35% of new homes integrated 2013 had at 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% truly.

In accordance with a recent NAHB study for the Characteristics of House for rent in Hanoi, first-time homebuyers purchase cheaper and smaller homes than trade-up buyers. First-time buyers, who usually represent 40% in the market, are already steadily eliminated through the market as credit rules have tightened and mortgage rates have increased, using the NAHB report, which will also explain the rise in average home size.

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