"The nation's love affair with McMansions continues to wane: The average size of new single-family homes completed last year fell again, a trend expected to continue for several years, the National Association of Home Builders said at its annual conference in Orlando," according to a report yesterday at wsj.com by Dawn Wotapka.
"In 2010, completed homes measured an average 2,377 square feet, down about 3% from the year earlier. By 2015, many builders expect the average home size to shrink to 2,152 square feet. This downsizing ends an expansion that spanned nearly three decades: The average size peaked at 2,521 square feet back in 2007," the article continued.
"More than half of builders expect to build smaller and lower-priced models in 2011," according to the article, "a move that lets them compete with foreclosures and appeal to buyers who can no longer afford - or who no longer want - the boom-era's supersized showpieces. Last year, the number of homes with three or more bathrooms came in at 24%, flat from the previous year, but down from 28% in 2008. Homes with garages for three or more cars declined to 17% of homes from 20% in 2005."
The article said that a survey by the association indicated that "many builders expect the family room area to increase, while little-used areas like the living room, entry foyer and dining room will likely take up less space" and "master bedrooms will be moved to the first floor, allowing older owners to avoid the stairs as they age in place."
"In 2010, completed homes measured an average 2,377 square feet, down about 3% from the year earlier. By 2015, many builders expect the average home size to shrink to 2,152 square feet. This downsizing ends an expansion that spanned nearly three decades: The average size peaked at 2,521 square feet back in 2007," the article continued.
"More than half of builders expect to build smaller and lower-priced models in 2011," according to the article, "a move that lets them compete with foreclosures and appeal to buyers who can no longer afford - or who no longer want - the boom-era's supersized showpieces. Last year, the number of homes with three or more bathrooms came in at 24%, flat from the previous year, but down from 28% in 2008. Homes with garages for three or more cars declined to 17% of homes from 20% in 2005."
The article said that a survey by the association indicated that "many builders expect the family room area to increase, while little-used areas like the living room, entry foyer and dining room will likely take up less space" and "master bedrooms will be moved to the first floor, allowing older owners to avoid the stairs as they age in place."
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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