The get back to larger homes comes after housing hanoi sizes bottomed in 2009.
The NAHB says builders are meeting the requirements of these customers, who've a lot higher credit worthiness as well as a higher median income compared to 2007. The normal new-home sale price rose to $318,000 in 2013 from $248,000 in 2009.
Today, the standard new property is about 50% bigger than its 1973 counterpart, based on the Census Bureau, which began tracking this kind of data from the mid-1970s.
As square footage has increased, so gets the amount of bedrooms. Of all new homes built, 48% had four or five bedrooms in 2013, when compared with 34% last year. If this trend holds, it could actually bring another key shift in the housing demographic: A few-bedroom home, that's been the model of the housing business since 1973, could possibly be traded up for the bigger size.
Also, 35% of new homes integrated 2013 had at least three full bathrooms, up from 23% in 2010. Similarly, the share of homes with garages for three or even more cars rose to 22% in 2013 from 16% this year.
According to a recent NAHB study for the Characteristics of House for rent in Hanoi, first-time homebuyers purchase less expensive and smaller homes than trade-up buyers. First-time buyers, who usually represent 40% of the market, are already steadily eliminated through the market as credit rules have tightened and mortgage rates have raised, according to the NAHB report, which will also explain the increase in average home size.
From Vinahouselink
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