An expected impact of the virus crisis is a need for more residential space, as people use homes for more purposes including work. Recent data confirms this impact on the market continues to occur.
According to third quarter 2021 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area increased to 2,337 square feet. Average (mean) square footage for new single-family homes increased to 2,541.
Since Great Recession lows (and on a one-year moving average basis), the average size of new single-family homes is now 6.2% higher at 2,518 square feet, while the median size is 9.3% higher at 2,296 square feet.
Home size rose from 2009 to 2015 as entry-level new construction was constrained. Home size declined between 2016 and 2020 as more starter homes were developed. Going forward we expect home size to increase again, given a shift in consumer preferences for more space due to the increased use and roles of homes (for work, for study) in the post-Covid-19 environment.
This post was last modified on November 22, 2021 7:41 am
The cash market price is back up to $1,111 per thousand board feet.
Home sales in Westchester were up 10.4% for 2021.
Mortgage rates average 3.45%.
New York’s eviction moratorium will end January 15th.
Department of Taxation and Finance projected that the cap would increase New Yorkers’ federal taxes…
Residential sales in 2021 in the counties served by OneKey MLS, Inc. reached a historic…