This housing development that I wrote about earlier in the year is finally in the process of being completed. Despite being repossessed, developer Hayden Homes is on track to build 100 home sites, with the first one, the model home, being completed around July 17th. The first phase of the development, consisting of about 10 homes, will be completed in around August or September. Reservations are being taken for the 10 initial homes, with an opening price of around 140K. There are seven home plans, ranging in size from 1,041 square feet for a 2 bed, 1 bath to 2,192 square feet for a four bed, 2.5 bath home.
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.