Census Survey Says U.S. Homes Shrinking

For the first time in years, home sizes are getting smaller.

That’s the main finding of the U.S. Census Bureau in its annual report on characteristics of new housing (https://www.census.gov/construction/chars/pdf/c25ann2016.pdf). The report said the median home size fell to 2,422 square feet in 2016, down from a record high 2,467 feet in 2015.

Relatively speaking, however, home prices are still 8 percent higher than the pre-crisis peak in 2007 and nearly 50 percent bigger than in 1978.

The report said the share of new homes in excess of 3,000 feet declined; the share of new homes under 2,000 feet increased.