NAHB: Single-family home size falls to decade Low

The Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis for the second quarter of 2023 showed that the median single-family square floor area decreased to 2,191 square feet, the lowest since 2010. During the COVID-19 pandemic, when mortgage rates were at historic lows, buyers had more purchasing power, causing the demand for larger homes to increase. However, as interest rates increased in 2022 and housing affordability worsened, the demand for home size has decreased.