Based on CoreLogic public records data for single-family homes and townhouses, home builders are building larger homes on smaller lots. The median size of newly built homes is 2,300 square feet, while the median lot size decreased from 8,250 square feet in 1990 to 6,970 square feet in 2016. There are several reasons for this trend, CoreLogic speculates, including demand from certain buyers for larger homes and builders being driven by higher profits. Larger homes can bring in more revenue and smaller lots can keep costs down.
Advertisement
Related Stories
Sales
What the NAR Commissions Settlement Means for Home Builders
The legal settlement will improve transparency during the home sales process, mitigate predatory practices, and help preserve profitability for home builders
Sales
Sales and Texting? Know the Rules
Texting your sales prospects en masse can be an efficient way to get your message through if you follow these best practices
Affordability
Will NAR's Landmark Commissions Settlement Lower Housing Costs?
The $418 million deal changes long-standing rules—written and unwritten—that consumers claim inflated sales commissions for home sellers, including new-home builders