September 13th, 2016 | Home Sales
The Hershman Group reports today that Americans are showing they want bigger houses. Or at least that’s what they’re getting.
The median size of a new single-family house was 2,467 square feet last year, the biggest on record, according to recently
released Census Bureau data. With all that floor space, homes are 61% larger than the median from 40 years earlier and 11%
larger than a decade earlier. “McMansion” may not be a popular term post-housing bust. But American homes have not only been
Additionally, they’re also including more bathrooms and amenities such as air conditioning throughout. Some 93% of new houses
had air conditioning in 2015 compared with 46% in 1975. About 96% of new homes last year had at least two bathrooms+ versus
60% four decades earlier. That may go some way toward explaining rising prices.
The median sales price of a new home was $296,400 last year, according to the Census Bureau, which is a new high. Even when adjusted for inflation, new-home prices hit a record last year.
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