| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Property Last Updated: Jun 5, 2014 - 6:31 AM


New single-family US homes getting bigger but fewer single homes being built
By Michael Hennigan, Finfacts founder and editor
Jun 3, 2014 - 6:12 AM

Email this article
 Printer friendly page

New single-family US homes are getting bigger to meet demand from well-off people but fewer single homes are being built resulting in a drag on the economy.

US Census Bureau data released Monday show the percentage of US homes built last year with at least four bedrooms increased to 44%, up from 41% in 2012. Last year’s percentage was the highest for new homes with four bedrooms or more since Census began tracking the figures in 1973. 

The Wall Street Journal said that US sales of new homes are running at a pace so far this year of roughly 60% of their annual average since 2000. Meanwhile, the median price of a new home reached $268,900 last year, the highest annual median since Census began tracking the figures in 1963.

“There are the haves and the have-nots,” said Brad Hunter, chief economist for housing market consulting firm Metrostudy, a subsidiary of Hanley Wood LLC. “Those who are buying homes happen to be the people who have money, savings in the bank and have good credit scores.”

In addition to including more extras, new homes simply continue to get larger. The median size (the mid-point where half the number is above and the other half below) of a newly built home came in at 2,384 square feet last year, up 3.4% from 2012. The figure has increased each year since 2009. The trend continued in this year’s first quarter.

David Blitzer, chairman of the index committee of S&P Dow Jones Indices says: "New construction, not sales of existing homes, is what generates jobs and adds to GDP growth. In most recoveries, the share of single family homes in housing starts (see first chart) surges. This time, there was an initial surge followed by a sharp drop. While apartment construction is up, it has not made up the difference in housing starts which continue at about two-thirds the level we should be seeing."

Related Articles
Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

Property
Latest Headlines
Irish residential rents rise 9% as students face tight market conditions
Irish construction activity growth eased in July
Irish residential property prices fell in Dublin in June
Irish mortgage approvals growth fell sharply in April 2015
Irish land prices among highest in world; Noonan tax cut boosts Dublin prices
AIB cuts Irish variable mortgage rates
Dublin residential property prices rose by 1.1% in March
Global property bubble: Dublin tops 2014 global returns at 44.7%
New Irish housing units in 2015 forecast at only 10,000
Ireland: Dublin house prices up 21% in year to February 2015 after price decline in month
Prime office rents in Dublin to rise by up to 31% in 2015 after 29% surge in 2014
Irish mortgages paid in 2014 at 1976 level; Half of house sales paid in cash
Irish residential property prices fell 1.4% nationwide in January
Irish House Rents: Supply tightens in Dublin's commuter counties in Q 42014
Irish commercial property returns in 2014 among highest in world
Irish Housing: "Unique" demographics to boost demand; Shortages to rise
Irish mortgage approvals in 2014 at 36-year low; Exceed paid loans
Irish commercial property investment in 2014 was 25% above bubble peak in 2006
Irish construction continues to rise from very low base
Irish house asking prices fell back slightly in fourth quarter of 2014
Price/Earnings multiple for Dublin houses is double 1993 level
Residential property rents up almost 10% in Dublin in past year
Irish Government and vested interests lobby for easing of Central Bank's mortgage rules
Ireland tops global property price rankings six years after bust
Number of Irish mortgages paid in 2014 at 1974/75 level - a 40 year-low
Irish construction PMI survey confidence measure highest since 2000
Irish mortgage arrears decline; 38,463 BTL accounts in arrears
Irish Housing: Renting provides less security than ownership, unpredictable rents
Ireland: NAMA to redeem €1bn of senior bonds; Fund Boland’s Mill site development
Ireland: 35,000 social housing units by 2020 achievable; Rental market possibly not
Dublin house prices up 24.1% in year to October 2014
Irish home ownership to fall due to affordability
'Tara Collection' of office buildings on sale in Dublin for €263.8m
Irish Housing Rents 2014: Dublin just 10% short of 2007 bubble peak
Irish Economy: Residential mortgage approvals in 2014 as low as in 1977
Irish Construction: Fastest rise in new business for decade - not level of activity
Biggest US individual landowner responds to tax breaks in Ireland and UK
Irish commercial property annual return to September 2014 at 36.6% - income at global high
NAMA expects surplus of less than €500m - it's not a profit; 88.5% sales to US investors
NAMA selling 588 Dublin apartments - name withheld in announcement