Single-Family Home Size Nearing Turning Point?

An expected impact of the virus crisis was a need for more residential space, as people used homes for more purposes including work. Home size correspondingly increased in 2021 as interest rates reached historic lows. However, the NAHB reports, as interest rates increased in 2022 and 2023, and housing affordability worsened, the demand for home size has trended lower. According to third quarter 2024 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area was 2,158 square feet, just off the lowest reading since the second half of 2009.
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