Real estate agents may be finding that they have more ground to cover, as the frequency of mansion construction increased in recent months.
The median home size rose 8 percent from 2009 to 2012 to 2,306 square feet, according to a report from the Census Bureau. This increase set a record high for the figure. Industry experts experienced a general decline in home size of 6 percent during the economic downturn, and attributed it to a new attitude among homebuyers. It was assumed that younger generations wanted to live in smaller residences in more central locations, and baby boomers were downsizing once their children moved out.
Jeffry Roos, regional president for Lennar, a home construction company, says otherwise, according to CNN. He noted that the shrinkage was more likely due to the fact that young home buyers simply couldn't afford large houses. However, now that consumers are gaining confidence in the improved economy, mansions are once again in high demand.
Approximately 40 percent of single-family homes that were finished in 2012 had four bedrooms or more, the report explained. The average final price of single-family homes in the same year was $292,000, an improvement from the average of $267,900 in the previous year. On average, newly built houses sported three bedrooms, and a new high was set for the amount of single-family homes with a minimum of three bathrooms at 30 percent.
Further data shows interest in larger homes
A sample of 3,600 home buyers wanted, a 2,226 square foot home, on average, according to a property data survey from the National Association of Home Builders (NAHB). Individuals younger than 35 years old desired a house that had 2,494 square feet, more than the 2,065 square feet that those 65 and older preferred. This data further disputes the 2009 theory that younger home buyers simply desire less space.
Marcie DePlaza, division president for GL Homes, told CNN that, since the first half of 2012, the homes that her company sold were roughly 7 percent larger on average.
This is amidst the decline in the sale of foreclosed houses, an additional sign of healing in the housing market. Foreclosure filings in the U.S. ticked down 5 percent from March to April, RealtyTrac reports.