Highlights of Annual 2007 Characteristics of New Housing
Found this interesting report on new housing trends and stats and thought I would pass it along.
In 2007:
- The average single-family house completed had 2,521 square feet, 801 more square feet than in 1977.
- The average single-family home sold was built on a lot of 16,864 square feet. On average, lot sizes in the Northeast were the largest, about 33,000 square feet, and the West averaged the smallest with around 10,000 square feet.
- 74% 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 1987.
- 38% of new single-family homes completed had four or more bedrooms, almost double the rate of 20 years ago.
- In single-family homes with 4 or more bedrooms, over half (57%) had 3 bathrooms or more.
- 27% of new single-family homes sold had 3 or more bathrooms, nearly triple the rate from 1987.
- 52% of all single-family homes were completed in the South region, up more than 10% from 1977.
- Over 20% of new single-family homes sold fell within the price range of $150,000 to $199,999. Most of these homes were sold in the Midwest and the South.
- 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.
- In 3 out of 4 regions, over half of the new single-family homes completed had 2 or more stories: 78% in the Northeast, nearly 50% in the Midwest, 54% in the South and 60% in the West.
- About ¾ of homes completed in the in the Northeast and Midwest had a basement, but in the West only 19% had a basement and in the South, only 10% of the homes had basements.
- Across the country, half of all single-family homes sold had at least one fireplace.
- 26% of new single-family homes completed had a deck, down from 32% in 1997.
- 67% of all new single-family homes sold used gas as the primary source of heating fuel and approximately 32% use electricity as the primary source.
- Nearly 35% of all new single-family homes completed were installed with heat pumps as the primary type of heating system; this is the highest percentage on record for this method of heating.
- Attached single-family homes accounted for 15% of all new single-family homes sold, up from 12% in 1997.
- Vinyl siding is the most common principal exterior material at 32% of new single-family homes sold. In 1997, wood was 18% of the share, but has reduced to 5% in 2007. Regionally, the exterior wall material of preference is: Vinyl - Northeast (81%), and Midwest (64%); Brick - South (42%) and Stucco - West (63%).
- Nearly 90% of all new single-family homes sold were financed by a conventional loan, up from 61% in 1987.
- The average sales price of new single-family homes sold (including land) was $313,600. In 1997, the average sales price was $176,200. This is an increase of 78%.
- The average price per square foot for new single-family homes sold was $92.51, up from $66.81 in 1997. Regionally, it is most expensive to build in the West at $121.78 and least expensive to build in the South at $82.48.
- Over a tenth (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 virtually unchanged from 1987 and 1997.
- 31,000 new single-family homes were modular homes, down 9,000 units from 1997. This represents about 3% of all homes completed; however, this method of construction was most prevalent in the Northeast, with nearly 8% of units built this way.
- Approximately ¾ of all new single-family homes sold, did not include closing costs in the sales price. This estimate has remained relatively stable over the past 20 years.
- Multi-family construction has fluctuated considerably from 636,000 units in 1986 to 153,000 units in 1993. It rebounded to 325,000 units in 2006, but decreased to 284,000 units in 2007.
- The average square feet in multi-family units completed and built for sale was 1,577. This was 217 more square feet than in 1999.
- 41% of multi-family units completed were built for sale, up from 16% in 1999; this is an increase of nearly 25%.
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