Highlights of Annual 2007 Characteristics of New Housing

           

Please note that the estimates shown here are based on sample surveys and subject to sampling variability as well as nonsampling error.

                                                                                                           

 

In 2007:

·         The average single-family house completed had 2,521 square feet, 801 more square feet than in 1977. 

 

·         The average single-family home sold was built on a lot of 16,864 square feet.  On average, lot sizes in the Northeast were the largest, about 33,000 square feet, and the West averaged the smallest with around 10,000 square feet.

 

·         74% of all new single-family homes completed were speculatively built (house and land are sold together as part of the same transaction), up from 63% in 1987.

 

 

·         38% of new single-family homes completed had four or more bedrooms, almost double the rate of 20 years ago.

 

·         In single-family homes with 4 or more bedrooms, over half (57%) had 3 bathrooms or more.

 

·         27% of new single-family homes sold had 3 or more bathrooms, nearly triple the rate from 1987.

 

 

·         52% of all single-family homes were completed in the South region, up more than 10% from 1977.

 

·         Over 20% of new single-family homes sold fell within the price range of $150,000 to $199,999.  Most of these homes were sold in the Midwest and the South.

 

·         90% of all single-family homes completed had air conditioning.

 

·         Nearly 20% of new single-family homes sold had at least a 3 or more car garage.

 

·         In 3 out of 4 regions, over half of the new single-family homes completed had 2 or more stories:  78% in the Northeast, nearly 50% in the Midwest, 54% in the South and 60% in the West.

 

·         About ¾ of homes completed in the in the Northeast and Midwest had a basement, but in the West only 19% had a basement and in the South, only 10% of the homes had basements.

 

·         Across the country, half of all single-family homes sold had at least one fireplace.

 

·         26% of new single-family homes completed had a deck, down from 32% in 1997.

 

·         67% of all new single-family homes sold used gas as the primary source of heating fuel and approximately 32% use electricity as the primary source. 

 

·         Nearly 35% of all new single-family homes completed were installed with heat pumps as the primary type of heating system; this is the highest percentage on record for this method of heating.

 

·         Attached single-family homes accounted for 15% of all new single-family homes sold, up from 12% in 1997.

 

·         Vinyl siding is the most common principal exterior material at 32% of new single-family homes sold. In 1997, wood was 18% of the share, but has reduced to 5% in 2007. Regionally, the exterior wall material of preference is: Vinyl - Northeast (81%), and Midwest (64%); Brick - South (42%) and Stucco - West (63%).

 

·         Nearly 90% of all new single-family homes sold were financed by a conventional loan, up from 61% in 1987.

 

·         The average sales price of new single-family homes sold (including land) was $313,600.  In 1997, the average sales price was $176,200.  This is an increase of 78%.

 

·         The average price per square foot for new single-family homes sold was $92.51, up from $66.81 in 1997.  Regionally, it is most expensive to build in the West at $121.78 and least expensive to build in the South at $82.48.

 

·         Over a tenth (13%) of all new single-family homes sold were built on lots of at least 22,000 square feet (approximately a half an acre); this is virtually unchanged from 1987 and 1997.

 

·         31,000 new single-family homes were modular homes, down 9,000 units from 1997.  This represents about 3% of all homes completed; however, this method of construction was most prevalent in the Northeast, with nearly 8% of units built this way.

 

·         Approximately ¾ of all new single-family homes sold, did not include closing costs in the sales price.  This estimate has remained relatively stable over the past 20 years.

 

·         Multi-family construction has fluctuated considerably from 636,000 units in 1986 to 153,000 units in 1993. It rebounded to 325,000 units in 2006, but decreased to 284,000 units in 2007.

 

·         The average square feet in multi-family units completed and built for sale was 1,577.   This was 217 more square feet than in 1999.

 

·         41% of multi-family units completed were built for sale, up from 16% in 1999; this is an increase of nearly 25%.