The National Association of Home Builders (NAHB) reports a drop in home size to an average 2,438 square feet in last year's third quarter from 2,629 square feet in the second quarter.
NAHB research director Gopal Ahluwalia expects shrinking residence size to be a lasting trend, noting that consumers are more concerned about affordability and recognize that smaller households do not need large dwellings.
According to a January NAHB survey of builders, 89 percent have downsized their offerings. American Institute of Architects chief economist Kermit Baker attributes the trend to the weak economy, residential price declines, rising energy costs, and the perception that homes are no longer a good investment.
Source: Wendy Koch, USA Today (01/08/09)© Copyright 2009 Information Inc.
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