Urban Real Estate

New Homes Shrink

New Homes Shrink

Demand is picking up among first time buyers which means that new home sizes are also on the decline, according to the National Association of Home Builders (NAHB).

The median square footage of new construction homes decreased in the first quarter of this year to 2,389 , from 2,440 in the fourth quarter of 2016. Average square footage also declined from 2,628 to 2652 in the same periods.

But higher up the spectrum, the average size of single family homes increased, up 10 percent from the lowest point in the cycle with the median up 14 percent.

Read more at Chicago Agent Magazine here.