Friday Facts: New Homes are Getting Bigger and Pricier

New Homes Are Getting Bigger and Pricier – Excerpts from an article in REALTOR Magazine:

  • The average new home size was 2,360 square feet during the 2008 financial crisis.
  • In 2015, the average size was 2,720.
  • Nearly half the homes constructed in 2015 had four or more bedrooms.
  • 25% of the new homes had garages for 3 or more vehicles.
  • In 2009 the average price of a new home was $250,000 and in 2015 the average price was $351,000.
  • Builders are catering more to the luxury market and moving away from starter homes.
  • Land prices and construction costs have ballooned.
  • First time buyers tend to bring the average size of new homes down.
  • Obtaining a mortgage is more difficult for first time buyers.
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