Homes Getting Smaller - and it's not just in Lakeland Real Estate

By
Real Estate Agent with Gate Arty & the Group - Keller Williams Realty

We have all heard that the demand for new home construction has shrunk due to home buyers targeting foreclosures & short sales rather than building new homes. Did you know, however, that the actual size of new homes is shrinking as well? I mean literally. The U.S. Census Bureau reports that the median size of new homes has dropped to 2,065 square feet. This represents a 7% drop in size compared with this time last year. Most industry professionals attribute the reduction in home size to the economic downturn. "Home size gains flatten out or decline during recessions, and we're in the midst of the most serious housing recession in decades," said Kermit Baker, the chief economist for the American Institute of Architects.

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