Bill's Real Estate Blog - News to Use!

New single-family homes are getting smaller, and the trend is likely to continue for awhile, according to research from the National Association of Homebuilders (NAHB).  The median size of a new single-family home dropped from a peak of 2,268 square feet in 2006 to 2,100 square feet in 2009.  Homebuilders attribute the decline to consumers' desire to keep energy costs down, the lack of equity in existing homes available to roll over into new ones, tighter credit standards, and a growing number of first-time buyers.

Despite the trend toward smaller homes, the average number of bathrooms and bedrooms has showed little change, while three-car garages, fireplaces, patios and decks have declined in popularity.

The information appeared in the Council of Residential Specialists' January/February 2011 issue of their member magazine, The Residential Specialist.