Photo: Courtesy of Douglas Elliman
While the housing market continues to drag, one corner of the market is doing well.”Big homes are back in business,” says the Wall Street Journal’s Dawn Wotapka. And the trend to bigger homes is helping certain home building companies with sales.
According to data from the Census Bureau, the average size of a newly built home was 2,480 square feet in 2011. That was up 3.7% from 2010 and represented the first annual increase since 2007.
The trend is helping some builders see increased sales prices. In April, the average home price was $282,600, up from $268,900 a year earlier, according to census data, though that is down from $329,400 in early 2007.
One reason for the boom is that young people are less willing to move out of their parents homes.