Avg. Size New Home Falls for First Time Since '94
According to annual Census Bureau data from 1978 to 2007, and quarterly data through 2008:Q3 (source here), the average size of a new home fell in 2008, the first annual decrease in new home size since 1994 (see chart above). Over the last 15 years, the average new home size increased by 21% from 2,050 square feet in 1994 to a peak of 2,479 square feet in 2007, before falling to 2,438 square feet in the third quarter of 2008. The 2008 decrease in home size was the largest annual decrease since 1980.