Characteristics of New Homes Examined

The average size of single-family homes completed in 2008 was 2,534 square feet, which is 779 square feet larger than in the average single-family home built 30 years ago in 1978, and 13 square feet larger than the 2,521 square foot average in 2007, according to the U.S. Census Bureau’s recently released data on characteristics of new housing.

The Census Bureau releases statistics on new homes built on an annual basis. In addition to square feet by floor area, statistics are broken down into a vast array of variables including price per square foot, lot size, foundation type, number of bedrooms, number of bathrooms, presence of air-conditioning and type of wall material, among others.

Here are highlights from the Census Bureau’s report: 

• The average sales price of new single-family homes sold was $292,600. In 1998, the average sales price was $181,900. This is a price increase of over 60%. 
• The average price per square foot for new single-family homes sold was $88.55, down from $92.51 in 2007. This is the first year-to-year decrease in the average price per square foot since 1999. Regionally, the price per square foot is the most expensive in the Northeast at $114.36 and the least expensive in the South at $80.39. 
• Of the 819,000 single-family homes completed in 2008, 779.000 were site built and 23,000 were modular. Another17,000 fell into an “other” category that includes panelized and pre-cut units. 
• Fiber cement, as a principal type of exterior wall material, is being reported separately for the first time in the Census Bureau reports. It was used to build 92,000 homes, which represents 12% of new single-family homes sold nationally. The material was primarily used in the West region. 
• Vinyl siding was the leading exterior wall material used on new homes completed in 2008 with 256,000 homes. Brick was the second most popular with 200,000 homes. 
• The average single-family home sold was built on a lot of 18,433 square feet. On average, lot sizes were the largest in the Northeast at 44,781 square feet, and were the smallest in the West at 10,062 square feet. 
• 13% of all new single-family homes sold were built on lots of at least 22,000 square feet (approximately a half an acre); this is a 2 percentage point increase from 1998. 
• 67% of all new single-family homes completed were speculatively built (house and land are sold together as part of the same transaction), up from 63% in 1988. 
• 36% of new single-family homes completed had four or more bedrooms; an increase of 10 percentage points from 20 years ago. 
• In single-family homes with 4 or more bedrooms, nearly 60% had 3 bathrooms or more. 
• 27% of new single-family homes sold had 3 or more bathrooms, which more than doubled the rate from 1988 (13%). 
• 40% of new single-family homes sold fell within the price range of $150,000 to $249,999. Most of these homes were sold in the Midwest and the South. 
• Nearly 90% of all single-family homes completed had air conditioning. 
• Nearly 20% of new single-family homes sold had at least a 3-or-more-car garage; 70% of new single-family homes sold had a 2-car garage. 
• At least three-quarters of homes completed in the in the Northeast and Midwest had a basement, but in the West, only 20% had a basement and in the South, only 10% of the homes had basements. 
• Across the country, over half of all single-family homes sold had at least one fireplace. 
• 28% of new single-family homes completed had a deck, down from 32% in 1998. 
• 65% of all new single-family homes sold used gas as the primary source of heating fuel and approximately 34% use electricity as the primary source. The Northeast region continues to have the majority of new homes sold that use oil as the primary source of heating fuel. 
• Attached single-family homes accounted for 15% of all new single-family homes sold, up from 10% in 1998.

The full report of U.S. Census Bureau housing statistics can be found here.