New homes getting smaller

New homes are starting to get smaller for the first time in nearly three decades. The average size of new single-family homes dropped from 2,521 square feet in 2007, hit a plateau in 2008 and began falling in 2009. The average home now has fewer beds and bathrooms as well. This decline of home size has not been solely caused by the crash in the housing market, and instead has decreased due to other factors, such as an increased share of first-time home buyers and a desire to lower energy costs.

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