It was a Tweet that had us sitting up and paying attention, as the National Association of Home Builders pointed out last week that although homes got slightly larger from the fourth quarter of 2018 to the first quarter of 2019, sizes are still declining.
Median new single-family home floor area ticked up to 2,355 sq. ft. in Q1 2019 from 2,316 in the previous quarter. But the less volatile one-year moving average still shows a steady decline in new home size since a peak in 2015. https://t.co/J7g7GiXpkm #homedesign
— NAHB (@NAHBhome) May 21, 2019
Size, you see, matters. NAHB chief economist Robert Dietz explained in a research note that the post-recession increase in home size was expected — homes generally get bigger as the economy emerges from a recession. (more…)