Recent analysis from the NAHB’s Eye on Housing shows that for new single family homes, the median single-family square floor area declined to 2,191 square feet, the lowest reading since the end of 2010. In addition, the average (mean) square footage for new single-family homes fell to 2,415 square feet. The data was pulled from the U.S. Census Bureau’s most recent Quarterly Starts and Completions by Purpose and Design.
“An expected impact of the virus crisis is a need for more residential space, as people use homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, as interest rates increased in 2022, and housing affordability worsened, the demand for home size has trended lower.”
Click here to read the full story on the NAHB’s Eye on Housing.
