Following a brief uptick in new home sizes in 2021, the average size of a new home dropped slightly from 2,525 square feet to 2,480 square feet in 2022, and the percentage of new homes with 3+ full bathrooms and 3+ car garages dipped to 33% and 17%, respectively.
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It is possible to sidestep a recession, but when the economy slows it becomes very fragile and the risk rises significantly, said National Retail Federation Chief Economist Jack Kleinhenz.
The company reports that the market has been struggling with overcapacity for several years, caused by a shift in consumer preference towards alternative flooring types such as laminate, LVT and vinyl.
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This shift was first caused by the initial impact of [COVID-19] on housing demand, which favored lower density neighborhoods. The shift continued in recent months due to housing affordability conditions that are causing both prospective renters and buyers to expand their geographic search for housing,
Houzz reports homeowners are driven by both by aesthetic desires and functional necessities as they double down on their investment in these private sanctuaries
Although year-over-year sales are still expected to increase, the impact of rising costs and higher rates has taken its toll on consumers who are pulling back on projects.
