Supersize That House? New Homes Grow

New home buyers use a big appetite for larger homes, according to preliminary data recently released through the United States Census Bureau––suggesting that home sizes set a brand new record in 2013. 177283476

The typical measurements a different home has increased more than 300 square centimeter within the last five-years, to two,679 sq . ft . in 2013 from 2,362 square centimeter during the past year, in line with the census data in a very report published because of the National Association of Home Builders.

The go back to larger homes comes after housing sizes bottomed call at 2009.

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

Today, the common new residence is about 50% bigger than its 1973 counterpart, good Census Bureau, which began tracking this sort of data in the mid-1970s.

As sq footage has grown, so provides the volume of bedrooms. Of all the so-called new homes built, 48% had four or five bedrooms in 2013, as compared to 34% just last year. If it trend holds, it might bring another key transfer of the housing demographic: A few-bedroom home, which has been the type of the housing sector since 1973, could possibly be traded up for any bigger size.

In addition, 35% of latest homes built-in 2013 had a minimum of three full bathrooms, up from 23% in 2010. Similarly, the share of homes with garages for three and up cars rose to 22% in 2013 from 16% this season.

As outlined by a recent NAHB study about the Characteristics of Home Buyers, first-time homebuyers purchase less expensive and smaller homes than trade-up buyers. First-time buyers, who usually represent 40% in the market, have been steadily eliminated on the market as credit rules have tightened and mortgage rates have increased, in line with the NAHB report, which may also explain the increase in average home size.