Single-Family Home Size Falls to More Than a Decade Low
According to second quarter 2023 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area declined to 2,191 square feet, the lowest reading since the end of 2010.
Home size increased in 2021 as the COVID-19 pandemic resulted in the need for more residential space, as more people stayed at home and used their residential property for offices, gyms and classrooms. During this period, when mortgage rates reached historic lows, buyers had more purchasing power, which spurred the demand for larger homes.
However, as interest rates increased in 2022 and housing affordability worsened, the demand for home size has trended lower.
NAHB Chief Economist Robert Dietz provides more analysis in this Eye on Housing blog post.
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