Northeast sees a sharp decrease in square footage

The size of a new single-family home shrank considerably in the second quarter, according to the National Association of Home Builders^®1 and U.S. Census Bureau.² The drop in square footage is especially eye-opening in our region. Check it out:

• Here in the northeast, the median square footage of a new single-family home declined sharply—2,635 to 2,093—in the second quarter. Why the decrease? Experts said it’s partly a result of more builders constructing much-needed entry level homes.
• Nationwide, the median square footage of a new home was 2,264, slightly less than the 2,280 square feet reported in the first quarter.
• A square footage increase is predicted for the second half of 2020 since many Americans are looking for more space to live, work, and study during the COVID‑19 pandemic.

If your clients are looking to finance a new build, I can guide them to the lending option that works best for their situation. I am always here to help!

¹Robert Dietz, “New single-family home size leveling off?” Eye on Housing Blog, last updated August 19, 2020.
²“Quarterly Starts and Completions by Purpose and Design,” U.S. Census Bureau.