Though the reign of the “McMansion” appeared to crumble during the housing crisis, demand for big homes has surged recently, The New York Times reports.
The average size of a new home reached an all-time high in 2012, and sales of homes costing more than $1 million leaped nearly 50 percent year over year in July 2013, according to The Times.
“The housing market is being driven by the move-up buyer, the luxury buyer,” Brad Hunter, chief economist and director of consulting at Metrostudy, told The Times. “And those who have strong incomes, secure jobs, their stock portfolio is doing well — they are able to buy whatever they want. And what they are buying is larger houses.”
Source: The New York Times
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