Trends in New Home Building Lot Size of New Single-Family Homes
This is the second 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.
While the median size of new homes grew 23.3 percent from 2000 to 2015, median lot size decreased 4.6 percent from 8,930 square feet to 8,521 square feet or about one-fifth of an acre. As of 2015, over half (58 percent) of new single-family home lot sizes are less than 9,000 square feet or just over one-fifth of an acre. Moreover, lot sizes (cluster homes) under 7,000 square feet increased to 36 percent of new homes built.
The next factoid in this series will focus on the increase of bedrooms and bathrooms in new single-family homes.
*New single-family homes completed for sale
Source: U.S. Department of Housing and Urban Development, “Characteristics of New Single-Family Houses 2015”