According to data from the Census the Quarterly Starts and Completions by Purpose and Design survey, the average and median size of single-family homes started during the second quarter actually fell somewhat from the first quarter. The average single-family square footage fell from 2,689 to 2,647, while the median declined from 2,472 to 2,441.
However, on a less volatile one-year moving average, the size of new single-family homes continued their rising trend. Since cycle lows and on a moving average basis, the average size has increased almost 10% to 2,599, while the median size has increased more than 13% to 2,382.
As noted in NAHB’s analysis of 2012 Census construction data, the recent rise in single-family home sizes is consistent with the historical pattern coming out of recessions. Home sizes fall into the recession as some homebuyers cut back, and then sizes rise as high-end home buyers, who face fewer credit constraints, return to the housing market in relatively greater proportions.
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