Census Data Indicate Trend toward More Big Homes
Posted:
Tuesday, April 10th, 2012
Category:
Real Estate License
Based on the new Census Bureau data for the first half of 2011, the average size of homes increased along with the number of four+-bedroom homes over 2010 figures.
The real estate sector and the agents themselves who have a real estate license or a real estate continuing education—specifically California Real Estate CE for those in California—are elated about the report, which seems to validate previous news that 2012 is the breakthrough year for the housing sector. The data surprised many industry observers since many potential homebuyers have shied away from the market because of high unemployment and a still-anemic economy, according to realtytimes.com (“The Changing Landscape of Single-Family Homes” by Carla Hill). In addition, and significantly, the houses being built are bigger, with more amenities, and more expensive.
At the 2012 National Association of Homebuilders (NAHB) International Builders’ Show in Orlando, Florida, NAHB in fact in so many words asked: “How can the average home be getting bigger, more expensive, and have more amenities when the housing market remains weak and the overall economy is yet to see a robust recovery?”
The reason, said Hill in her article, is today’s buyers. They are building bigger because they can afford to do so. They are the ones who can meet the stricter requirements of today’s lenders.
Some important findings reported by the article:
- Average size increased to 2,522 square feet, 6 percent greater than the average size in 2010.
- Houses with 4 or more bedrooms grew to 42 percent, from 36 percent in 2010.
- Average sales price of homes started for-sale increased to $274,400, from $264,900 in 2010.
