Trends in New Home BuildingSquare Footage of New Single-Family Houses Percent of Houses Built in Selected Years
This is the first factoid in a series of six factoids detailing trends in new home building. New home purchases spur new home furnishings purchases like no other life event. As home building continues its slow but steady comeback from the recession, new trends in home building are emerging creating opportunity in many home furnishings product areas. According the new HUD report, single-family home building is up 23 percent since 2009 and for the first half of this year, new home completions are up 14 percent from the first half of 2015.
Trends include an increase in multi-story homes with more bedrooms, baths, and multiple patios, porches and decks. Other trends point to the ballooning senior population downsizing to age-restricted communities with less interest in some design features such as fireplaces, but more interest in comfort features. Chief among the trends: Single-family homes are getting bigger – much bigger – and lot sizes smaller.
The median size of new homes grew 23.3 percent from 2000 to 2015– increasing from 2,060 square feet to 2,540 square feet according to the new report “Characteristics of New Single-Family Houses in 2015” from the U.S. Department of Housing and Urban Development (HUD). Even with the housing market collapse in 2009, new homes have continued to get bigger since 2002. Only 37 percent of new homes built in 2002 were over 2,400 square feet. Fast forward 13 years and 56 percent of new houses are now 2,400 square feet or larger. Also important is that in 2002, 34 percent of new homes were smaller than 1,800 square feet compared to only 15 percent in 2015.
*New single-family homes completed for sale
Source: U.S. Department of Housing and Urban Development, “Characteristics of New Single-Family Houses 2015”