Developers are building fewer of these… … and more of these

From an article in today’s Gaithersburg Gazette:

According to a recent survey by the National Association of Home Builders, 89 percent of developers said they were building more lower-priced homes, and 88 percent said they were constructing smaller homes.

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The average single-family home newly under construction in the fourth quarter of 2008 had a floor area of 2, 343 square feet, an 8 percent drop from the same period during the previous year, according to the U.S. Census Bureau.

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“We have seen cycles like this before, ” Kettler said. “I think it’s accurate to say that when there’s tougher economic times, the houses get smaller.”

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A larger proportion of first-time home-buyers in the market for a house is also driving the trend, according to the survey.

Skyrocketing fuel costs also may be making homeowners rethink investing in so-called McMansions, huge houses with high ceilings that can be expensive to heat and cool.

“People just see that as excessive, and as times have gotten tougher, I think people are going back and saying, ‘Hey, do I really need that big a house?'” Kettler said.

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“We are cognizant of a trend to smaller footprints and traditional neighborhood designs, ” (says developer Steve Nardella).

Maybe it’s wishful thinking, but maybe when America emerges from this recession we’ll have learned a thing or two about community building.