With the economy bouncing back, the average size of a new single-family home is once again on the rise. According to The Wall Street Journal, the average size of a new home reached 2642 sq. ft. in the second quarter of the year, a record.
Metropolitan areas with the largest increases in house size between 2010 and 2013 included Lancaster, S.C., Jacksonville, N.C., and Naples-Marcos Island, Fla. In Lancaster, the gain was a whopping 39%.
The upward trend appears to be driven by established, older homeowners who are trading up, not first-time homeowners struggling to come up with 20% down payments and squeaky clean credit records, the newpaper reported. The National Association of Realtors says first-time buyers typically account for about 40% of sales but so far this year are responsible for only 29% of all transactions, The Journal said.
Prices also are going up. The average price of a new house hit $337,000 in April, a record, but declined to $322,000 in July as mortgage rates edged up.
Fine Homebuilding Recommended Products
Fine Homebuilding receives a commission for items purchased through links on this site, including Amazon Associates and other affiliate advertising programs.
Handy Heat Gun
Reliable Crimp Connectors
8067 All-Weather Flashing Tape
