Economy Bouncing Back
As the housing market has improved, the size of an average new single-family home has begun to expand. Statistics from the Census the Quarterly Starts and Completions by Purpose and Design survey, have found the size of a typical new single-family home rose in the third quarter of 2013. The average single–family home square footage increased from 2,646 to 2,701, while the median only rose from 2,446 to 2,491.
Every year, the Census Bureau creates data set on new single-family homes, which includes findings that although the size of new homes declined during the last downturn in the economy, that trend reversed itself after 2009. Since 2009, the median size of new homes started increasing steadily, until it reached more that 2,446 square feet in 2012, which was the highest the number had been since 1974, when this annual data gathering began.
According to the Census Bureau, home size has grown steadily over the last three years. In 2012 the median home in the US hit an all time record of 2,303. One explanation for the bigger homes is that finally, the economy is getting back on track. There is more confidence on both sides of selling and buying. It is also believed this is consistent with the historical pattern of coming out of a recession. Home sizes fall into the recession as many homebuyers cut back, and then the size rises as more affluent buyers are the ones whose credit didn’t take a hit during the recession, and whose credit will most likely be approved.
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