U.S New Home Sizes Are One Closet Smaller

August 20, 2015

The Wall Street Journal reports that the median size of new U.S. homes built shrank in the second quarter—by 40 square feet.

When first-time buyers had a 25 to 27 percent share of the market from 2001 to 2005, the quarterly median sizes for new homes ranged between 2,051 and 2,263. Today, the median size is 2,479.

Experts say a decreasing median size for homes signals the comeback of first-time buyers, who have preferred renting after the housing bust because of stringent mortgage-qualification standards, and sluggish job and wage growth.

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