As people continue to use their homes for more purposes during the pandemic, including work, more residential space is needed. Recent data confirm this impact on the market continues to occur.
According to fourth 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 2,338 square feet. Average (mean) square footage for new single-family homes increased to 2,561.
Recession lows (and on a one-year moving average basis), the average size of new single-family homes is now 6.3% higher at 2,537 square feet, while the median size is 10% higher at 2,312 square feet.
NAHB Chief Economist Robert Dietz provides more analysis in this Eye on Housing post.
*All articles have been redistributed from NAHBnow.com*