Highlights of Annual 2006 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 2006:

·       The average single-family house completed had 2,469 square feet, 769 more square feet than in 1976.

 

·       78% of all new single-family homes completed were speculatively-built (house and land are sold together as part of the same transaction), up from 65% in 1986.

 

 

·       39% of new single-family homes completed have four or more bedrooms, almost double the rate of just 20 years ago.

 

·       26% of new single-family homes sold have 3 or more bathrooms, almost triple the rate from 1986.

 

 

·       Half of all single-family homes were completed in the South region, up 10 percentage points from 1976.

 

·       Approximately 90% of all single-family homes completed have air conditioning!

 

·       Approximately 95% of new single-family homes sold have at least a 1-car garage or carport.

 

·       In the Northeast and Midwest (75%) of the homes completed have a basement, but in the West only 20% have a basement and that drops to 10% in the South.

 

·       Across the country, over half (53%) of all single-family homes sold have at least 1 fireplace.

 

·       25% of new single-family homes completed have a deck, down from 34% in 1996.

 

·       Almost 70% of all new single-family homes sold use gas as the primary source of heating fuel and approximately 30% use electricity as the primary source. 

 

·       Attached single-family homes account for nearly 15% of all new single-family homes sold, up from 11% in 1996.

 

·       Currently vinyl siding is the most common principal exterior material at 30% of new single-family homes sold. In 1996 wood was 22% of the share. It has now reduced to 5% in 2006. Regionally the exterior wall material of preference is: Vinyl - Northeast (86%), and Midwest (67%); Brick - South (41%) and Stucco - West (62%).

 

·       90% of all new single-family homes sold were financed by a conventional loan, up from 55% in 1986.

 

·       The average sales price of new single-family homes sold (including land) was $305,900.  In 1996, the average sales price was $166,400.  This is an increase of over 84%!

 

·       The average price per square foot for new single-family homes sold was $91.99, up from $64.38 in 1996.  Regionally, it is most expensive to build in the West at $120.66 and least expensive to build in the South at $80.32.

 

·       Over a tenth (12%) 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 1986 and 1996.

 

·       40,000 new single-family homes were modular homes, up 3,000 units from 1996.  This represents about 2 percent of all homes completed; however, this method of construction is most prevalent in the Northeast, with nearly 10% of its units built this way.

 

·       For more than 3/4 of all new single-family homes sold, closing costs were excluded from the sales price.  This estimate has remained relatively stable over the past 20 years.

 

·       Multi-family construction has decreased dramatically over the last 20 years from 636,000 units, in 1986 to 153,000 units in 1993. It rebounded 325,000 units in 2006.

 

·       The average multi-family unit completed had 1,533 square feet, 173 more square feet than in 1999.

 

·       The percentage of apartments completed being built to be sold was 39.2. This is second only to the record 39.6% set in 1982.