Supersize That House? New Homes Grow

New home buyers have a big appetite for larger homes, according to preliminary data recently released through the U . s . Census Bureau––suggesting that home sizes set a fresh record in 2013. 177283476

The average sized a whole new home has grown more(a) 300 feet square during the last 5yrs, to two,679 sq ft in 2013 from 2,362 sq ft in '09, in line with the census data inside a report published because of the National Association of Home Builders.

The resume larger homes uses housing sizes bottomed out in 2009.

The NAHB says builders are meeting the demands in their customers, who may have a lot higher credit worthiness along with a higher median income when compared to 2007. The average new-home sale price rose to $318,000 in 2013 from $248,000 in '09.

Nowadays, the typical new property is about 50% larger than its 1973 counterpart, in line with the Census Bureau, which began tracking this kind of data inside mid-1970s.

As square footage has grown, so contains the amount of bedrooms. Of all the so-called new homes built, 48% had four or five bedrooms in 2013, in comparison with 34% during the past year. Detail trend holds, it may bring another key transfer of the housing demographic: Several-bedroom home, that's been the model of the housing sector since 1973, could be traded up for the bigger size.

In addition, 35% of new homes inbuilt 2013 had leastways three full bathrooms, up from 23% really. Similarly, the share of homes with garages for three or higher cars rose to 22% in 2013 from 16% this year.

Based on a newly released NAHB study within the Characteristics of Home Buyers, first-time homebuyers purchase lower priced and smaller homes than trade-up buyers. First-time buyers, who usually represent 40% in the market, have been steadily eliminated in the market as credit rules have tightened and mortgage rates have increased, in line with the NAHB report, that may also explain the increase in average home size.