Median Home Size Increase Halts in 2015
The NAHB reports that the Survey of Construction data reveals a plateau in the median home size of new single-family homes, after the second highest size since 2009 was reached in 2014.
Last year, the median single-family home size was 2,450 across the nation. “Typical new home size falls prior to and during a recession as some homebuyers cut back, and then sizes rise as high-end homebuyers, who face fewer credit constraints, return to the housing market in relatively greater proportions,” the NAHB reports.
By region, the median home size in the West North Central division, which includes Minnesota and the Dakotas, was 2,270 square feet, the smallest in the nation. The largest median home size found in the Middle Atlantic region, which includes New York and Pennsylvania, at 2,580 square feet.
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