"Newly built homes are shrinking all over the country," says Joel Berner, a senior economist at Realtor.com. "Builders are attempting to fill the void of affordable housing that has been created due to property appreciation and decades of underbuilding."
D.R. Horton Chief Finance Officer Bill Wheat stated, "to adjust to changing market conditions...we have increased our use of incentives and reduced home prices and sizes of our home offerings, where necessary, to provide better affordability to homebuyers."
According to Parcl Labs, the median square footage for new construction fell from 2,098 in 2022 to 2,036 in 2023, marking a 3% year-over-year decline that is the largest single-year dip in a decade.
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