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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.
· 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.