U.S New Home Sizes Are One Closet Smaller

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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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