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Poconos Custom Home Blog

Why are New Homes Getting so Big?

Posted by Liberty Homes on Apr 1, 2014 2:00:45 AM

National Association of Home Builders (Photo credit: Wikipedia)

NAHB, 2014 - Though the average size of new homes keeps getting bigger, there is more to this home buying trend than meets the eye, according to Census Bureau data presented by the National Association of Home Builders (NAHB) during the International Builders’ Show in Las Vegas.

“The average home size has continued to rise for the past four years, from 2,362 square feet in 2009 to 2,679 square feet in 2013,” said Rose Quint, NAHB assistant vice president for survey research.

The share of new homes with at least four bedrooms has also been on an upward trend, rising from 34 percent in 2009 to 48 percent last year.

Meanwhile the percent of homes with at least three full bathrooms has gone from 23 percent in 2010 to 35 percent in 2013, and the share of homes with three-plus garages has climbed from 16 percent in 2010 to 22 percent last year.

The upward trend also applies to the percentage of two-story single-family homes started, with the share steadily rising from 51 percent in 2009 to 60 percent in 2013.

As homes get bigger, so does the average sales price, rising from $248,000 in 2009 to $318,000 in 2013. To find out why homes are getting so big you need to look at who is buying them.

“It requires a high credit score and a nice income to qualify for a mortgage,” said Quint, who noted that the spread between the average Experian credit score of all U.S. consumers and the average home borrower’s score has risen from 33 points in the early 2000s to 58 points in 2013.

The median income of new-home buyers has steadily climbed from $91,768 in 2005 to $107,607 in 2011.

During the same period, the number of new-home sales has dramatically declined, from 1.28 million to 306,000.

“There are not as many people who have the income that can qualify for a new home,” said Quint.

Most Popular Features in 2014 Homes

The features that builders are most likely to include in a typical single-family home this year are a walk-in closet in the master bedroom, low-e windows, a laundry room and a great room, according to the latest survey by NAHB.

Energy-efficiency is also a key theme, as Energy-Star rated appliances, programmable thermostats and Energy-Star rated windows also rank high on the list.

According to builders, granite countertops, a double-sink and a central island will likely make the cut in the kitchen as well as a linen closet and a private toilet in the bathroom.

Other features that builders are likely to include are first-floor ceilings at least nine-feet high, a front porch, exterior lighting and a patio.

Conversely, the most unlikely features to show up in 2014 homes are laminate kitchen countertops, an outdoor kitchen, an outdoor fireplace, a sunroom, a two-story family room, a media room, a two-story foyer and a whirlpool in the master bathroom.

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Topics: Liberty News, Single-family detached home, International Builders' Show, Energy Star, National Association of Home Builder, Las Vegas, Closet, bathroom

Builder Confidence in the 55+ Housing Market Ends Fourth Quarter on a Record High

Posted by Liberty Homes on Feb 4, 2014 1:13:13 AM

February 3, 2014 - Builder confidence in the 55+ housing market for the fourth quarter of 2013 is up sharply, according to the National Association of Home Builders’ (NAHB) latest 55+ Housing Market Index (HMI) released today. All segments of the market—single-family homes, condominiums and multifamily rental—registered strong increases compared to the same quarter a year ago. The single-family index increased 20 points to a level of 48, which is the highest fourth-quarter reading since the inception of the index in 2008 and the ninth consecutive quarter of year over year improvements.

“We are seeing continued improvement in the 55+ housing market because consumers have gained confidence in the economy and are able to sell their current homes and move into a new home or an apartment that fits the lifestyle they desire,” said Robert Karen, chairman of NAHB’s 50+ Housing Council and managing member of the Symphony Development Group. “We expect this optimism from builders and developers to carry on into 2014.”

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Topics: NAHB, Liberty News, Chief economist, HMI, Single-family detached home, Condominium, Real estate economics, Sales, National Association of Home Builders

Builder Confidence in the 55+ Housing Market Shows Significant Improvement in Second Quarter

Posted by Liberty Homes on Sep 17, 2013 2:26:39 AM

(NAHB, 2013) - Builder confidence in the 55+ housing market for single-family homes showed strong continued improvement in the second quarter of 2013 compared to the same period a year ago, according to the National Association of Home Builders’ (NAHB) latest 55+ Housing Market Index (HMI) released today. The index increased 24 points to a level of 53, which is the highest second-quarter number since the inception of the index in 2008 and the seventh consecutive quarter of year over year improvements.

“Builders and developers for the 55+ housing sector are feeling optimistic as they are seeing more consumers return to the marketplace,” said Robert Karen, chairman of NAHB’s 50+ Housing Council and managing member of the Symphony Development Group. “With existing home prices rising, consumers are able to sell their current homes and make the move toward either purchasing a home or renting an apartment that is designed to more specifically suit their lifestyle.”

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Topics: Liberty News, Chief economist, HMI, Single-family detached home, Real estate economics, National Association of Home Builders, Index (economics), aging in place

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