Single Family Home Square Footages Decline

The median single-family square floor area decreased to 2,316 square feet during the final quarter of 2018, according to data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis. The average, or mean, square footage for new single-family homes increased slightly to 2,567 square feet.

The post-recession increase in single-family home size was consistent with the historical pattern coming out of recessions. Typical new home size falls prior to and during a recession as home buyers tighten budgets, and then sizes rise as high-end homebuyers, who face fewer credit constraints, return to the housing market in relatively greater proportions. This pattern was exacerbated during the current business cycle due to market weakness among first-time homebuyers and supply-side constraints in the building market. But current declines in size indicate that this part of the cycle has ended, and size will trend lower as builders add more entry-level homes into inventory and the custom market cools.

In contrast to single-family patterns, new multifamily apartment size is down compared to the pre-recession period. This is due to the weak for-sale multifamily market and strength for rental demand.

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