Land and cost constraints are pushing builders to construct smaller, more densely packed homes, according to John Burns Real Estate Consulting. Americans are as hungry as ever for homes, and home builders are ramping up construction to meet the demand. But U.S. home shoppers may find that those new homes are getting smaller and closer together.
Americans are as hungry as ever for homes, and home builders are ramping up construction to meet the demand. But U.S. home shoppers may find that those new homes are getting smaller and closer together.
“It’s pretty consistent nationally,” said Mikaela Arroyo, director of the New Home Trends Institute at John Burns Real Estate Consulting. As newly built homes get smaller, builders are allocating more space for more heavily trafficked areas of the house. Amid a major shortage of home listings, the effort to build more homes is significant. With a limited number of existing homes for sale as homeowners find little incentive to sell and give up their ultralow mortgage rates, buyers are increasingly turning to new construction, and builders are expected to fix the supply shortage.
Nonetheless, these newer, smaller homes do present an opportunity to both the industry and to aspiring homeowners. “As data suggests, some first-time buyers are opting to go with less square footage or fewer options and upgrades as buyers need to purchase a home in today’s dynamic market environment,” Ryan Marshall, CEO of PulteGroup PHM , a major home builder, said on the company’s second-quarter earnings call.
Although new homes have historically been much more expensive than resale homes, that gap has narrowed in recent months.
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